Finance boost for stocks
By Pan Xiaoyi |
April 14, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S market rose more than 1 percent yesterday to end at a three-month high, led by financial shares on speculation the launch of the stock index futures on Friday will further boost demand for financial blue chips.
The benchmark Shanghai Composite Index rose 1.02 percent, or 31.99 points, to close at 3,161.25.
Turnover rose to 184.6 billion yuan (US$27.1 billion) from 175 billion yuan on Monday.
"The first stock index futures will be based on the CSI 300 and a large number of financial shares will be among the top 300 chips tracked by the index," said Wei Tao, an analyst with China Securities Co. "The trading of the index futures will help these chips return to their real value."
The financial sector has been chased by capital since margin trading and short selling kicked off on March 31.
The transaction volume of these two new investment tools had exceeded 70 million yuan as of last week.
The Industrial and Commercial Bank of China attracted the most investment, 10 million yuan, according to the two domestic bourses.
China Pacific Insurance, the Bank of China and some other lenders were also among the most favorable stocks in margin trading.
The Industrial and Commercial Bank of China, the nation's biggest lender, gained 1.4 percent to 4.99 yuan. Shanghai Pudong Development Bank climbed 2.7 percent to 22.03 yuan. The Industrial Bank added 2.4 percent to 34.9 yuan.
Ping An Insurance Group Co increased 4 percent to 51.89 yuan after saying written premiums at its four units amounted to 67.5 billion yuan for the first quarter. China Life Insurance Co, the nation's biggest insurer, rose 4.2 percent to 29.28 yuan and China Pacific Insurance (Group) Co rose 7.2 percent to 28.22 yuan.
The benchmark Shanghai Composite Index rose 1.02 percent, or 31.99 points, to close at 3,161.25.
Turnover rose to 184.6 billion yuan (US$27.1 billion) from 175 billion yuan on Monday.
"The first stock index futures will be based on the CSI 300 and a large number of financial shares will be among the top 300 chips tracked by the index," said Wei Tao, an analyst with China Securities Co. "The trading of the index futures will help these chips return to their real value."
The financial sector has been chased by capital since margin trading and short selling kicked off on March 31.
The transaction volume of these two new investment tools had exceeded 70 million yuan as of last week.
The Industrial and Commercial Bank of China attracted the most investment, 10 million yuan, according to the two domestic bourses.
China Pacific Insurance, the Bank of China and some other lenders were also among the most favorable stocks in margin trading.
The Industrial and Commercial Bank of China, the nation's biggest lender, gained 1.4 percent to 4.99 yuan. Shanghai Pudong Development Bank climbed 2.7 percent to 22.03 yuan. The Industrial Bank added 2.4 percent to 34.9 yuan.
Ping An Insurance Group Co increased 4 percent to 51.89 yuan after saying written premiums at its four units amounted to 67.5 billion yuan for the first quarter. China Life Insurance Co, the nation's biggest insurer, rose 4.2 percent to 29.28 yuan and China Pacific Insurance (Group) Co rose 7.2 percent to 28.22 yuan.
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