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Financial shares rise amid strong credit growth
By Feng Jianmin |
October 14, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly higher in the morning, as the finance sector went strong on news of higher-than-expected new loans in September, while most stocks dropped after 5 days' rally.
The benchmark Shanghai Composite Index edged up 0.44 percent, or 12.48 points, to close at 2,873.84 points. Turnover rose to 157.3 billion yuan (US$23.6 billion) from yesterday morning's 128.6 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, declined 0.48 percent to 12,542.64.
New loans in September grew to 595.5 billion yuan, higher than an estimate of 500 to 550 billion yuan by the market. New loans in August were 545.2 billion yuan.
Banks gained. Bank of China gained 1.45 percent to 3.50 yuan. Agricultural Bank of China climbed 3.32 percent to 2.80 yuan. Everbright Bank jumped by a daily limit of 10 percent to 4.19 yuan.
Brokerages extended previous gains on boosted turnover. GF Securities Co hiked 8.89 percent to 44.10 yuan. CITIC Securities, China's largest brokerage, climbed 6.62 percent to 13.69 yuan. Haitong Securities Co rose 3.98 percent to 10.70 yuan.
China Pacific Insurance Co advanced 3.19 percent to 61.19 yuan. Ping An Insurance Co rose 2.74 percent to 26.29 yuan. China Life Insurance Co went up 2.82 percent to 24.40 yuan.
Cement firms retreated from previous gains. Tangshan Jidong Cement Co lost 2.1 percent to 23.77 yuan. Anhui Conch Cement Co fell 2.17 percent to 25.22 yuan. Xinjiang West Construction Co dropped 4.37 percent to 22.10 yuan.
Steel makers were among the losers. Baoshan Iron and Steel Co dipped 0.28 percent to 7.20 yuan. Beijing Shougang Co dropped 2.27 percent to 4.28 yuan. Inner Mongolia Baotou Steel Co fell 0.56 percent to 3.48 yuan.
The benchmark Shanghai Composite Index edged up 0.44 percent, or 12.48 points, to close at 2,873.84 points. Turnover rose to 157.3 billion yuan (US$23.6 billion) from yesterday morning's 128.6 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, declined 0.48 percent to 12,542.64.
New loans in September grew to 595.5 billion yuan, higher than an estimate of 500 to 550 billion yuan by the market. New loans in August were 545.2 billion yuan.
Banks gained. Bank of China gained 1.45 percent to 3.50 yuan. Agricultural Bank of China climbed 3.32 percent to 2.80 yuan. Everbright Bank jumped by a daily limit of 10 percent to 4.19 yuan.
Brokerages extended previous gains on boosted turnover. GF Securities Co hiked 8.89 percent to 44.10 yuan. CITIC Securities, China's largest brokerage, climbed 6.62 percent to 13.69 yuan. Haitong Securities Co rose 3.98 percent to 10.70 yuan.
China Pacific Insurance Co advanced 3.19 percent to 61.19 yuan. Ping An Insurance Co rose 2.74 percent to 26.29 yuan. China Life Insurance Co went up 2.82 percent to 24.40 yuan.
Cement firms retreated from previous gains. Tangshan Jidong Cement Co lost 2.1 percent to 23.77 yuan. Anhui Conch Cement Co fell 2.17 percent to 25.22 yuan. Xinjiang West Construction Co dropped 4.37 percent to 22.10 yuan.
Steel makers were among the losers. Baoshan Iron and Steel Co dipped 0.28 percent to 7.20 yuan. Beijing Shougang Co dropped 2.27 percent to 4.28 yuan. Inner Mongolia Baotou Steel Co fell 0.56 percent to 3.48 yuan.
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