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Financial plays power Shanghai index
By Lydia Chen |
April 27, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI stock market rebounded slightly from a three-day fall in today's morning session on strength of financials ahead of earning reports from Chinese banks.
The Shanghai Composite Index edged up 0.23 percent to 2,945.78. Turnover dipped to 56.7 billion yuan (US$8.71 billion).
Banks paced the rise among financials. Industrial & Commercial Bank of China, the country's biggest lender, added 0.89 percent to 4.54 yuan. China Pacific Insurance Group Co climbed percent to yuan while Haitong Securities posted a gain of 0.61 percent to 9.82 yuan.
Bank of Ningbo Co said its 2010 net income rose 59 percent from a year earlier to 2.32 billion yuan while Shenzhen Development Bank Co reported a profit surge of 52 percent.
Other blue chips that were among the worst hit in the previous trading started to show signs of recovery. Cement makers were the strongest sector in the morning session with a gain of 2.23 percent.
But developers were sloppy after China Securities Journal reported the country may require down payments of 50 percent for first home purchases to further contain rising property prices.
The Shanghai Composite Index edged up 0.23 percent to 2,945.78. Turnover dipped to 56.7 billion yuan (US$8.71 billion).
Banks paced the rise among financials. Industrial & Commercial Bank of China, the country's biggest lender, added 0.89 percent to 4.54 yuan. China Pacific Insurance Group Co climbed percent to yuan while Haitong Securities posted a gain of 0.61 percent to 9.82 yuan.
Bank of Ningbo Co said its 2010 net income rose 59 percent from a year earlier to 2.32 billion yuan while Shenzhen Development Bank Co reported a profit surge of 52 percent.
Other blue chips that were among the worst hit in the previous trading started to show signs of recovery. Cement makers were the strongest sector in the morning session with a gain of 2.23 percent.
But developers were sloppy after China Securities Journal reported the country may require down payments of 50 percent for first home purchases to further contain rising property prices.
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