Index ends at over 8-month high on earnings optimism
By Ye Zhen |
February 1, 2013, Friday
|
Print Edition
Print Edition
SHANGHAI stocks extended gains for a fourth straight day yesterday, with the index ending at an over eight-month high, amid optimism that profitability of listed firms is recovering as the economy bounces back.
The Shanghai Composite Index edged up 0.12 percent to 2,385.42 points, the highest close since May 29. The index gained for the second straight month, adding 5.13 percent in January.
"Listed companies, especially in cyclical sectors, are likely to post better-than-expected earnings as recent data including the Purchasing Managers' Index, industrial output and exports pointed to an improving economy," Gao Hua Securities Research said in report released yesterday. "That will become a major impetus further driving the market up."
As of Wednesday, 1,698 firms listed on the two domestic bourses have released their earning forecasts, with 55 percent seeing a rise in net profit last year, according to the Shanghai Securities News
The estimated combined earnings of 1,443 firms totaled 75 billion yuan (US$12.1 billion) in the fourth quarter, up from under 40 billion in the previous quarter, reversing a declining trend in the first three quarters last year.
Gold stocks gained among non-ferrous metal producers as gold prices posted the biggest gains in nearly three weeks after a report showed the US economy unexpectedly shrank in the fourth quarter, raising the metal's safe-haven appeal.
Zijin Mining Group Co, the nation's largest gold producer, rose 1.6 percent to 3.87 yuan. Shandong Gold Mining Co shone 1 percent to 37.36 yuan and Zhongjin Gold Corp sparkled 1.2 percent to settle at 16.28 yuan.
The Shanghai Composite Index edged up 0.12 percent to 2,385.42 points, the highest close since May 29. The index gained for the second straight month, adding 5.13 percent in January.
"Listed companies, especially in cyclical sectors, are likely to post better-than-expected earnings as recent data including the Purchasing Managers' Index, industrial output and exports pointed to an improving economy," Gao Hua Securities Research said in report released yesterday. "That will become a major impetus further driving the market up."
As of Wednesday, 1,698 firms listed on the two domestic bourses have released their earning forecasts, with 55 percent seeing a rise in net profit last year, according to the Shanghai Securities News
The estimated combined earnings of 1,443 firms totaled 75 billion yuan (US$12.1 billion) in the fourth quarter, up from under 40 billion in the previous quarter, reversing a declining trend in the first three quarters last year.
Gold stocks gained among non-ferrous metal producers as gold prices posted the biggest gains in nearly three weeks after a report showed the US economy unexpectedly shrank in the fourth quarter, raising the metal's safe-haven appeal.
Zijin Mining Group Co, the nation's largest gold producer, rose 1.6 percent to 3.87 yuan. Shandong Gold Mining Co shone 1 percent to 37.36 yuan and Zhongjin Gold Corp sparkled 1.2 percent to settle at 16.28 yuan.
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