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Index records biggest jump in two months
By Ding Yining |
April 21, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S market pared previous losses with the largest daily gain in two months today, after insurers boomed with better first-quarter earnings and property shares rebounded from earlier losses.
The benchmark Shanghai Composite Index rose 1.8 percent, or 53.75 points, to close at 3,033.3 points. Turnover swelled to 148.2 billion yuan (US$21.7 billion). Gainers outnumbered losers by 944 to 18 and 142 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 2.74 percent to close at 1,211.65 points.
Combined first-quarter profit for China's insurers may have surged 110 percent from the same period last year to 18 billion yuan in preliminary results, according to the Website of the China Insurance Regulatory Commission.
Ping An Insurance (Group) Co advanced 2.77 percent to 52.02 yuan. China Pacific Insurance (Group) Co Ltd rose 3.53 percent to 27.30 yuan.
Head of the China Banking Regulatory Commission Liu Mingkang urged larger banks to conduct quarterly stress tests on property loans and strictly limit housing speculation, according to a statement on the agency's Website late yesterday.
Banks reacted with moderate gains. Bank of Communications edged up 0.78 percent to 7.71 yuan. Bank of China was up 0.25 percent to 4.03 yuan. Shanghai Pudong Development Bank advanced 1.56 percent to 20.86 yuan.
Huaneng Power International, a unit of the country's largest electricity generator, said first quarter profit added 41 percent to 952.8 million yuan. The stock jumped 3.03 percent to 7.14 yuan.
Property shares rebounded from previous losses. COFCO Property Group Co rose 2.29 percent to 8.04 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co advanced 3.03 percent to 15.30 yuan. Gemdale Corporation rose 2.58 percent to 11.51 yuan. Jilin Guanghua Holding Group surged 8.30 percent to 17.87 yuan.
Metal producers followed the upward trend. Zijin Gold Mining Co gained 0.95 percent to 8.54 yuan. Jiangxi Copper was up 1.39 percent to 35.78 yuan. Shandong Gold Mining Co inched up 0.81 percent to 78.16 yuan.
The benchmark Shanghai Composite Index rose 1.8 percent, or 53.75 points, to close at 3,033.3 points. Turnover swelled to 148.2 billion yuan (US$21.7 billion). Gainers outnumbered losers by 944 to 18 and 142 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 2.74 percent to close at 1,211.65 points.
Combined first-quarter profit for China's insurers may have surged 110 percent from the same period last year to 18 billion yuan in preliminary results, according to the Website of the China Insurance Regulatory Commission.
Ping An Insurance (Group) Co advanced 2.77 percent to 52.02 yuan. China Pacific Insurance (Group) Co Ltd rose 3.53 percent to 27.30 yuan.
Head of the China Banking Regulatory Commission Liu Mingkang urged larger banks to conduct quarterly stress tests on property loans and strictly limit housing speculation, according to a statement on the agency's Website late yesterday.
Banks reacted with moderate gains. Bank of Communications edged up 0.78 percent to 7.71 yuan. Bank of China was up 0.25 percent to 4.03 yuan. Shanghai Pudong Development Bank advanced 1.56 percent to 20.86 yuan.
Huaneng Power International, a unit of the country's largest electricity generator, said first quarter profit added 41 percent to 952.8 million yuan. The stock jumped 3.03 percent to 7.14 yuan.
Property shares rebounded from previous losses. COFCO Property Group Co rose 2.29 percent to 8.04 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co advanced 3.03 percent to 15.30 yuan. Gemdale Corporation rose 2.58 percent to 11.51 yuan. Jilin Guanghua Holding Group surged 8.30 percent to 17.87 yuan.
Metal producers followed the upward trend. Zijin Gold Mining Co gained 0.95 percent to 8.54 yuan. Jiangxi Copper was up 1.39 percent to 35.78 yuan. Shandong Gold Mining Co inched up 0.81 percent to 78.16 yuan.
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