Financials give lift to Shanghai equities
Print Edition
SHANGHAI stocks ended higher yesterday, led by a late rally in financial shares, and offsetting the declines in resource companies and property developers.
The Shanghai Composite Index added 0.17 percent to 2,864.37 points, marking the third consecutive day of gains. The index lost as much as 1.4 percent earlier in the day as investors took profits after the market surged on Monday.
Gains of heavy-weighted lenders and insurers in the last hour of trading helped lift the broader market. The Bank of Beijing rose 3.4 percent to 10.33 yuan (US$1.59) while the Bank of Communications gained 2.6 percent to 5.63 yuan. China Life Insurance surged 6.3 percent to 23.31 yuan.
On the downside, energy and materials procurer fell as oil, copper and gold prices dropped. Shandong Gold Mining slumped 7.3 percent to 26.10 yuan. Jiangxi Copper declined 3.2 percent to 14.10 yuan.
Property developers were also weak, with Gemdale Corp losing 3.2 percent to 11.65 yuan, amid concern that the government may step up regulation of the property market amid fears of a housing bubble.
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