Firms' earnings growth boosts index
By Lu Nengneng |
March 27, 2012, Tuesday
|
Print Edition
Print Edition
THE favorable earnings growth reported by a large number of domestically listed companies helped Shanghai's key stock index to close slightly higher yesterday.
The Shanghai Composite Index rose 0.05 percent to 2,350.6 after consolidating from a three-week retreat.
According to data compiled by the Securities Times, 787 listed companies in Shanghai and Shenzhen have reported their financial results by Sunday. Their combined revenue surged 47.95 percent to 4.76 trillion yuan (US$754 billion) last year, with net profits at 490 billion yuan, up 13.92 percent up from a year earlier. More than 70 percent of them posted higher profit last year than they did in 2010.
Banks climbed after China Construction Bank reported on Sunday that its net profit jumped 25 percent last year. The world's second-largest bank by market value closed unchanged at 4.70 yuan. The Bank of Communications and the Industrial and Commercial Bank of China, whose financial results are due out on Thursday and Friday, rose 0.42 percent to 4.74 yuan and 0.23 percent to 4.31 yuan respectively.
Five brokers have said their earnings dived more than 40 percent in 2011. Everbright Securities fell 2.41 percent to 12.14 yuan. Haitong Securities shed 0.11 percent to 9.03 yuan.
The Shanghai Composite Index rose 0.05 percent to 2,350.6 after consolidating from a three-week retreat.
According to data compiled by the Securities Times, 787 listed companies in Shanghai and Shenzhen have reported their financial results by Sunday. Their combined revenue surged 47.95 percent to 4.76 trillion yuan (US$754 billion) last year, with net profits at 490 billion yuan, up 13.92 percent up from a year earlier. More than 70 percent of them posted higher profit last year than they did in 2010.
Banks climbed after China Construction Bank reported on Sunday that its net profit jumped 25 percent last year. The world's second-largest bank by market value closed unchanged at 4.70 yuan. The Bank of Communications and the Industrial and Commercial Bank of China, whose financial results are due out on Thursday and Friday, rose 0.42 percent to 4.74 yuan and 0.23 percent to 4.31 yuan respectively.
Five brokers have said their earnings dived more than 40 percent in 2011. Everbright Securities fell 2.41 percent to 12.14 yuan. Haitong Securities shed 0.11 percent to 9.03 yuan.
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