Financial shares boost index
By Pan Xiaoyi |
February 4, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose more than 2 percent yesterday to post the biggest daily gain in six weeks, led by financial shares on speculation China's sovereign wealth fund will increase holdings in the country's three biggest state-owned banks.
The Shanghai Composite Index added 2.36 percent, or 69.12 points, to 3,003.84. Turnover stood at 119 billion yuan (US$17.5 billion).
Central Huijin Investment Co reportedly may buy shares in the lenders after the China Securities Regulatory Commission approved plans by the Industrial and Commercial Bank of China, China Construction Bank and the Bank of China to issue new shares.
"There seems to be abundant capital in the market before it shuts for the Spring Festival holiday. Shares may consolidate and turn upward if the key index stands above 3,000 points," S&E Securities Brokerage Co wrote in a research note.
The Bank of China increased 2.2 percent to 4.17 yuan and China Merchants Bank rose 2.3 percent to 15.99 yuan. China Construction Bank Corp jumped 2.3 percent to 5.73 yuan and the Industrial and Commercial Bank of China gained 2.5 percent to close at 4.92 yuan.
China Pacific Insurance (Group) Co jumped 6.3 percent to 24.08 yuan while Ping An Insurance (Group) Co climbed 5 percent to 49.83 yuan and China Life Insurance Co gained 3.1 percent to 27.52 yuan.
Shanghai-based Shimao Co rose 1.4 percent to 14.09 yuan and Poly Real Estate Group gained 2.7 percent to finish at 19.89 yuan.
The Shanghai Composite Index added 2.36 percent, or 69.12 points, to 3,003.84. Turnover stood at 119 billion yuan (US$17.5 billion).
Central Huijin Investment Co reportedly may buy shares in the lenders after the China Securities Regulatory Commission approved plans by the Industrial and Commercial Bank of China, China Construction Bank and the Bank of China to issue new shares.
"There seems to be abundant capital in the market before it shuts for the Spring Festival holiday. Shares may consolidate and turn upward if the key index stands above 3,000 points," S&E Securities Brokerage Co wrote in a research note.
The Bank of China increased 2.2 percent to 4.17 yuan and China Merchants Bank rose 2.3 percent to 15.99 yuan. China Construction Bank Corp jumped 2.3 percent to 5.73 yuan and the Industrial and Commercial Bank of China gained 2.5 percent to close at 4.92 yuan.
China Pacific Insurance (Group) Co jumped 6.3 percent to 24.08 yuan while Ping An Insurance (Group) Co climbed 5 percent to 49.83 yuan and China Life Insurance Co gained 3.1 percent to 27.52 yuan.
Shanghai-based Shimao Co rose 1.4 percent to 14.09 yuan and Poly Real Estate Group gained 2.7 percent to finish at 19.89 yuan.
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