Index ends at highest in 8 months
By Ye Zhen |
January 29, 2013, Tuesday
|
Print Edition
Print Edition
FINANCIAL shares lifted Shanghai's key index to rise the most in 10 days yesterday and closed at the highest level in nearly eight months, after a senior central bank official said bank profits should be considered amid liberal interest rates.
The Shanghai Composite Index added 2.4 percent to 2,346.51 points, the highest close since June 1.
China should consider banks' profitability and capability of replenishing capital even as it decides the pace and timing of liberalizing interest rates because the two factors will affect credit supply to the economy, Pan Gongsheng, a deputy governor of the People's Bank of China, told an economic forum on Saturday.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, added 1.4 percent to 4.29 yuan. China Minsheng Banking Corp soared 7.2 percent to 10 yuan and China Merchants Bank gained 5.3 percent to 14.18 yuan.
Investors were also buoyed by an annual 17.3 percent jump - for a fourth consecutive month - in industrial profits to 895.2 billion yuan (US$144.4) in December, the National Bureau of Statistics said on its website on Sunday.
Last year, industrial profit rose 5.3 percent from 2011 to 5.6 trillion yuan, the bureau said.
Shenyin & Wanguo Securities said in a report yesterday that industrial profit is set to grow more than 13 percent annually this year.
Brokers rose after the two exchanges said they would raise the number of underlying stocks available for margin trading and short selling.
CITIC Securities, China's biggest listed broker, climbed 5.9 percent to 14.34 yuan. Haitong Securities Co jumped 8.2 percent to 11.01 yuan. China Merchants Securities Co surged by the daily limit of 10 percent to finish at 11.18 yuan.
The Shanghai Composite Index added 2.4 percent to 2,346.51 points, the highest close since June 1.
China should consider banks' profitability and capability of replenishing capital even as it decides the pace and timing of liberalizing interest rates because the two factors will affect credit supply to the economy, Pan Gongsheng, a deputy governor of the People's Bank of China, told an economic forum on Saturday.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, added 1.4 percent to 4.29 yuan. China Minsheng Banking Corp soared 7.2 percent to 10 yuan and China Merchants Bank gained 5.3 percent to 14.18 yuan.
Investors were also buoyed by an annual 17.3 percent jump - for a fourth consecutive month - in industrial profits to 895.2 billion yuan (US$144.4) in December, the National Bureau of Statistics said on its website on Sunday.
Last year, industrial profit rose 5.3 percent from 2011 to 5.6 trillion yuan, the bureau said.
Shenyin & Wanguo Securities said in a report yesterday that industrial profit is set to grow more than 13 percent annually this year.
Brokers rose after the two exchanges said they would raise the number of underlying stocks available for margin trading and short selling.
CITIC Securities, China's biggest listed broker, climbed 5.9 percent to 14.34 yuan. Haitong Securities Co jumped 8.2 percent to 11.01 yuan. China Merchants Securities Co surged by the daily limit of 10 percent to finish at 11.18 yuan.
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