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Higher industrial profit lifts Shanghai shares
By Ye Zhen |
January 28, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded after two days of losses as a report said China's industrial profit grew four months in a row in December, the latest sign that the country's economy is gaining momentum.
The benchmark Shanghai Composite Index rose 1.63 percent, or 37.41 points, to 2,328.71 points. Turnover was 60.4 billion yuan (US$9.7 billion) at midday.
Profits of China's industrial companies jumped 17.3 percent year on year to 895.2 billion yuan (US$143.91 billion) in December, the National Statistic Bureau said on its website yesterday.
The growth slowed from November's increase of 22.8 percent but still was the third-fastest last year, indicating China's economic recovery is gathering steam.
Last year industrial profits totaled 5.6 trillion yuan, up 5.3 percent from 2011, the bureau said.
Brokerages led the gainers after the domestic stock exchanges announced to increase the number of underlying stocks for margin trading and short selling.
CITIC Securities, China's biggest listed brokerage, climbed 5.2 percent to 14.25 yuan. Haitong Securities Co jumped 5.6 percent to 10.75 yuan. China Merchants Securities Co surged 8.5 percent to 11.02 yuan.
The number of underlying stocks for margin trading and short selling will increase to 300 from 180 on the Shanghai exchange and to 200 from 98 on the Shenzhen exchange, the two bourses said on Friday.
Lenders also surged. ICBC, the nation's largest lender, added 1.7 percent to 4.30 yuan. Shanghai Pudong Development Bank advanced 3.8 percent to 11.07 yuan. China Minsheng Banking Corp jumped 5.4 percent to 9.83 yuan.
The benchmark Shanghai Composite Index rose 1.63 percent, or 37.41 points, to 2,328.71 points. Turnover was 60.4 billion yuan (US$9.7 billion) at midday.
Profits of China's industrial companies jumped 17.3 percent year on year to 895.2 billion yuan (US$143.91 billion) in December, the National Statistic Bureau said on its website yesterday.
The growth slowed from November's increase of 22.8 percent but still was the third-fastest last year, indicating China's economic recovery is gathering steam.
Last year industrial profits totaled 5.6 trillion yuan, up 5.3 percent from 2011, the bureau said.
Brokerages led the gainers after the domestic stock exchanges announced to increase the number of underlying stocks for margin trading and short selling.
CITIC Securities, China's biggest listed brokerage, climbed 5.2 percent to 14.25 yuan. Haitong Securities Co jumped 5.6 percent to 10.75 yuan. China Merchants Securities Co surged 8.5 percent to 11.02 yuan.
The number of underlying stocks for margin trading and short selling will increase to 300 from 180 on the Shanghai exchange and to 200 from 98 on the Shenzhen exchange, the two bourses said on Friday.
Lenders also surged. ICBC, the nation's largest lender, added 1.7 percent to 4.30 yuan. Shanghai Pudong Development Bank advanced 3.8 percent to 11.07 yuan. China Minsheng Banking Corp jumped 5.4 percent to 9.83 yuan.
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