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Developers rise but banks drop in Shanghai
By Ding Yining |
October 30, 2012, Tuesday
|
Online Edition
Online Edition
THE Shanghai market edged up slightly in the morning session as gains in property shares were partly offset by weakness in the financial sector.
The benchmark Shanghai Composite Index was up 0.09 percent, or 1.81 points, to 2,060.76 points. Turnover was 24.3 billion yuan (US$3.9 billion).
Poly Real Estate Group and Gemdale Corporation, two of the country's leading developers, reported improved earnings in the third quarter, bringing expectations that the worst time for developers may have been over due to relieved capital pressure.
Gemdale Corporation advanced 3 percent to 5.15 yuan after it said profit in the third quarter surged 95 percent from a year before to 1.3 billion yuan. Poly Real Estate Group also added 2.43 percent to 10.97 yuan.
Banks were weak after posting less-than-expected financial results. China Merchants Bank dropped 0.69 percent to 10.05 yuan. Bank of Communications was also down 0.52 percent at 3.79 yuan.
Automakers also dropped as slowing economy dampened demand. BYD Co Ltd dropped 1.3 percent to 14.17 yuan after reporting a 94 percent profit decline in the third quarter.
China International Capital Corp said in a research note today that trading sentiment was flat due to lack of capital and the situation could last a few more months.
The benchmark Shanghai Composite Index was up 0.09 percent, or 1.81 points, to 2,060.76 points. Turnover was 24.3 billion yuan (US$3.9 billion).
Poly Real Estate Group and Gemdale Corporation, two of the country's leading developers, reported improved earnings in the third quarter, bringing expectations that the worst time for developers may have been over due to relieved capital pressure.
Gemdale Corporation advanced 3 percent to 5.15 yuan after it said profit in the third quarter surged 95 percent from a year before to 1.3 billion yuan. Poly Real Estate Group also added 2.43 percent to 10.97 yuan.
Banks were weak after posting less-than-expected financial results. China Merchants Bank dropped 0.69 percent to 10.05 yuan. Bank of Communications was also down 0.52 percent at 3.79 yuan.
Automakers also dropped as slowing economy dampened demand. BYD Co Ltd dropped 1.3 percent to 14.17 yuan after reporting a 94 percent profit decline in the third quarter.
China International Capital Corp said in a research note today that trading sentiment was flat due to lack of capital and the situation could last a few more months.
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