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Lenders, developers lift morning market
By Lydia Chen |
March 29, 2011, Tuesday
|
Online Edition
Online Edition
BANKS and property shares performed strong this morning, lifting the Shanghai market up from a low opening to the closest to 3,000 point mark in nearly three weeks.
The Shanghai Composite Index edged up 0.24 percent to 2,991.18. Turnover fell slightly to 107.23 billion yuan (US$16.35 billion) from yesterday morning's 115.8 billion yuan.
Banks have been a core drive to support the market since late last week on positive earnings.
Industrial Bank Co surged 4.65 percent to 29.96 yuan. China Minsheng Banking Corp advanced 3.27 percent to 5.69 yuan.
Industrial Bank said late yesterday that its net profit hiked 39.44 percent last year from a year ago to 18.52 billion yuan.
Lenders also attracted the most new funds in the morning session with nearly 77.8 billion yuan flowing into the sector.
Real estate sector helped the market secure the morning gains. Beijing North Star Co added 4.13 percent to 3.78 yuan. Poly Real Estate Group climbed 2.45 percent to 14.23 yuan.
The Shanghai Composite Index edged up 0.24 percent to 2,991.18. Turnover fell slightly to 107.23 billion yuan (US$16.35 billion) from yesterday morning's 115.8 billion yuan.
Banks have been a core drive to support the market since late last week on positive earnings.
Industrial Bank Co surged 4.65 percent to 29.96 yuan. China Minsheng Banking Corp advanced 3.27 percent to 5.69 yuan.
Industrial Bank said late yesterday that its net profit hiked 39.44 percent last year from a year ago to 18.52 billion yuan.
Lenders also attracted the most new funds in the morning session with nearly 77.8 billion yuan flowing into the sector.
Real estate sector helped the market secure the morning gains. Beijing North Star Co added 4.13 percent to 3.78 yuan. Poly Real Estate Group climbed 2.45 percent to 14.23 yuan.
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