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August 22, 2009

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Home » Business » Finance

Finance shares lead key index higher

SHANGHAI'S key stock index closed higher yesterday, bolstered by banking and financial companies which reported positive earnings results in the first half.

The Shanghai Composite Index lost a total of 2.83 percent this week after posting the biggest single day drop in nine months on Monday. The index is still 63 percent above its level at the beginning of this year.

The barometer rose 1.69 percent, or 49.19 points, to close at 2,960.77 points. Turnover was 138 billion yuan (US$20.2 billion).

"The index is likely to continue to correct in the near future with such rapid gains and losses within one week, and investors should not be too eager to enter the market," Wang Xingjun, an analyst at Donghai Securities, wrote in a note.

Banks were among the gainers as an increase in new loans in the first half boosted their profits.

The Industrial and Commercial Bank of China, the nation's biggest listed lender, said it posted a net income of 31.4 billion yuan for the first half on record credit growth and lower provisions for bad loans as the economy rebounded. Its shares rose 2.32 percent to 4.86 yuan.

Shenzhen Development Bank said first-half profit rose 7.8 percent year on year, boosted by higher income from fee-based services. Its shares added 2.32 percent to 22.06 yuan.

Shanghai Pudong Development Bank added 2.07 percent to 22.71 yuan, China Construction Bank jumped 3 percent to close at 5.83 yuan and the Bank of Communications edged up 0.65 percent to close at 9.25 yuan.


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