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Large caps power Shanghai index on earnings
By Lydia Chen |
June 30, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI shares staged a rebound today, on strength of large caps as companies' earnings reports in the second quarter beat previous estimates.
The Shanghai Composite Index climbed 1.23 percent to 2,762.68. The index edged up 0.68 percent this month, the first monthly climb in three months. It lost 1.64 percent in the first half of this year.
Blue chips such as insurers, brokerages, coal and steel producers were among the gaining counters in today's trading.
China Life Insurance Co Ltd added 2.12 percent to 18.75 yuan (US$2.9). Ping An Insurance (Group) Co of China Ltd was up 2.4 and 3.3 percent to 48.27 yuan.
Haitong Securities climbed 2.50 percent to 9.02 yuan. CITIC Securities advanced 1.55 percent to 13.08 yuan.
Mainland brokerages saw their total income from securities margin trading exceeding 1.2 billion yuan from January to June.
Meanwhile, the number of newly opened stocks accounts hit the highest in two months last week, indicating a reviving investment interest among investors.
Firms based in China's Inner Mongolia Autonomous Region were most active today after China said it will offer further support to drive the region's economy and will allow local companies to issue bonds and go public to finance their development.
Inner Mongolian Baotou Steel Union Co hiked 5.16 percent to 8.35 yuan. Inner Mongolia MengDian HuaNeng Thermal Power Co added 3.87 percent to 8.86 yuan.
By the end of yesterday, 615 firms, or nearly 78 percent of 794 firms which have already released their half-year earning forecasts, said they made profits in the first six months while only 9.9 percent expected profit growth to decrease.
Analysts expected that banks can see their profit growth hit at least 30 percent from January to June while profit slowdown among small corporations because of the country's tightening proved to be better than previously expected.
The Shanghai Composite Index climbed 1.23 percent to 2,762.68. The index edged up 0.68 percent this month, the first monthly climb in three months. It lost 1.64 percent in the first half of this year.
Blue chips such as insurers, brokerages, coal and steel producers were among the gaining counters in today's trading.
China Life Insurance Co Ltd added 2.12 percent to 18.75 yuan (US$2.9). Ping An Insurance (Group) Co of China Ltd was up 2.4 and 3.3 percent to 48.27 yuan.
Haitong Securities climbed 2.50 percent to 9.02 yuan. CITIC Securities advanced 1.55 percent to 13.08 yuan.
Mainland brokerages saw their total income from securities margin trading exceeding 1.2 billion yuan from January to June.
Meanwhile, the number of newly opened stocks accounts hit the highest in two months last week, indicating a reviving investment interest among investors.
Firms based in China's Inner Mongolia Autonomous Region were most active today after China said it will offer further support to drive the region's economy and will allow local companies to issue bonds and go public to finance their development.
Inner Mongolian Baotou Steel Union Co hiked 5.16 percent to 8.35 yuan. Inner Mongolia MengDian HuaNeng Thermal Power Co added 3.87 percent to 8.86 yuan.
By the end of yesterday, 615 firms, or nearly 78 percent of 794 firms which have already released their half-year earning forecasts, said they made profits in the first six months while only 9.9 percent expected profit growth to decrease.
Analysts expected that banks can see their profit growth hit at least 30 percent from January to June while profit slowdown among small corporations because of the country's tightening proved to be better than previously expected.
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