Insurers help market recovery
By Ding Yining |
April 22, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S market gained the most in three weeks after insurers boomed, with better first-quarter earnings, and the consumer sector performing strongly.
The benchmark Shanghai Composite Index was up 1.8 percent, or 53.75 points, to close at 3,033.30. Turnover was 146 billion yuan (US$21.4 billion).
Yinchuan Xinhua Department Store surged by the daily limit of 10 percent to 35.16 yuan. Beijing Wangfujing Department Store Co advanced 5.05 percent to 36.62 yuan.
"Consumption, health care and new economy sectors are seen to be potential beneficiaries of policy shifts while investor sentiment toward the banking, property and construction related sectors turned negative," JPMorgan Chase & Co said in a research report.
Index futures also ended higher. The May futures contract, which is based on the CSI 300 Index, was up 1.57 percent to 3,267 points and turnover was 114,531 lots.
"Trading remained flat as investors are regaining confidence after Monday's plunge and are still concerned with uncertainty in the market," Guantong Futures said in a research note.
The new energy and technology sectors also pushed up the index.
Fengfan Ltd, a battery manufacturer based in Hebei Province, surged by the daily limit of 10 percent to 12.68 yuan. Xiangtan Electric Manufacturing Co rose 6.35 percent to 27.65 yuan.
"Most institutional investors are in favor of pharmaceutical companies and the consumer sector as the Labor's Day holiday approaches," said Yu Junwei, an analyst with Shiji Investment. "The index may still remain in adjustment and stay between 2,900 and 3,000 points in the near future."
Combined first-quarter profits for China's insurers may have surged 110 percent from the same period last year to 18 billion yuan, according to a statement on 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 rose 3.53 percent to 27.30 yuan.
Huaneng Power International, a unit of the country's largest electricity generator, said first-quarter profit increased 41 percent to 952.8 million yuan. The stock jumped 3.03 percent to 7.14 yuan.
The benchmark Shanghai Composite Index was up 1.8 percent, or 53.75 points, to close at 3,033.30. Turnover was 146 billion yuan (US$21.4 billion).
Yinchuan Xinhua Department Store surged by the daily limit of 10 percent to 35.16 yuan. Beijing Wangfujing Department Store Co advanced 5.05 percent to 36.62 yuan.
"Consumption, health care and new economy sectors are seen to be potential beneficiaries of policy shifts while investor sentiment toward the banking, property and construction related sectors turned negative," JPMorgan Chase & Co said in a research report.
Index futures also ended higher. The May futures contract, which is based on the CSI 300 Index, was up 1.57 percent to 3,267 points and turnover was 114,531 lots.
"Trading remained flat as investors are regaining confidence after Monday's plunge and are still concerned with uncertainty in the market," Guantong Futures said in a research note.
The new energy and technology sectors also pushed up the index.
Fengfan Ltd, a battery manufacturer based in Hebei Province, surged by the daily limit of 10 percent to 12.68 yuan. Xiangtan Electric Manufacturing Co rose 6.35 percent to 27.65 yuan.
"Most institutional investors are in favor of pharmaceutical companies and the consumer sector as the Labor's Day holiday approaches," said Yu Junwei, an analyst with Shiji Investment. "The index may still remain in adjustment and stay between 2,900 and 3,000 points in the near future."
Combined first-quarter profits for China's insurers may have surged 110 percent from the same period last year to 18 billion yuan, according to a statement on 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 rose 3.53 percent to 27.30 yuan.
Huaneng Power International, a unit of the country's largest electricity generator, said first-quarter profit increased 41 percent to 952.8 million yuan. The stock jumped 3.03 percent to 7.14 yuan.
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