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Index hits highest in 10 months
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SHANGHAI shares yesterday rose to a 10-month high, with insurers and construction firms gaining amid anticipation over improving earnings.
The Shanghai Composite Index gained 0.79 percent to 3,218.15 points, the highest close since January 6.
“Insurers’ operating figures have been positive for the third quarter, and the rally in mainland shares will also improve the outlook for insurers’ investments,” said analyst Guo Jianan at Lianxun Securities Co.
China Life Insurance surged 7.79 percent to 24.76 yuan (US$3.59), and New China Life Insurance jumped 5.72 percent to 46.73 yuan.
“Infrastructure shares are still being favored as some speculate there will be more policies to stabilize the economy,” Bloomberg News cited Linus Yip, strategist at First Shanghai Securities.
China State Construction Engineering advanced 3.66 percent, and China Railway Group added 3.35 percent.
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