Lenders lead index to healthy increase
By Pan Xiaoyi |
March 27, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stock market gained more than 1 percent yesterday, led by the banking sector, as annual earnings reports indicated lenders may be undervalued.
The benchmark Shanghai Composite Index increased 1.34 percent, or 40.54 points, to close at 3,059.72. Turnover rosae to 108.9 billion yuan (US$16 billion) from 105.3 billion yuan on Thursday.
For the week, the market dropped 0.26 percent.
"Corporate profitability continued to improve, offering support to the gauge's long-term trend," China Merchants Securities Co said.
According to financial information Website Windin.com, a total of 679 companies listed in Shanghai and Shenzhen had released annual earnings reports through Thursday. The combined net income of those companies jumped 31.89 percent to 280.66 billion yuan last year, exceeding the pre-financial crisis level in 2007.
Hua Xia Bank, partly owned by Deutsche Bank AG, surged 5.9 percent yesterday to close at 12.25 yuan after saying its net income last year rose 22 percent to 3.76 billion yuan.
The Industrial and Commercial Bank of China, the nation's biggest lender, gained 0.6 percent to 4.90 yuan. ICBC reported its net profit grew 16 percent to 128.65 billion yuan last year after the market closed on Thursday.
The Bank of China climbed 1.7 percent to 4.23 yuan. Shanghai Pudong Development Bank advanced 3 percent to 22.26 yuan.
The property sector gained. Beijing Capital Development Co jumped 4 percent to 19.78 yuan. Shanghai Shimao Co added 2.8 percent to 15.59 yuan. Gemdale Corp was up 3 percent to 13.76 yuan.
The benchmark Shanghai Composite Index increased 1.34 percent, or 40.54 points, to close at 3,059.72. Turnover rosae to 108.9 billion yuan (US$16 billion) from 105.3 billion yuan on Thursday.
For the week, the market dropped 0.26 percent.
"Corporate profitability continued to improve, offering support to the gauge's long-term trend," China Merchants Securities Co said.
According to financial information Website Windin.com, a total of 679 companies listed in Shanghai and Shenzhen had released annual earnings reports through Thursday. The combined net income of those companies jumped 31.89 percent to 280.66 billion yuan last year, exceeding the pre-financial crisis level in 2007.
Hua Xia Bank, partly owned by Deutsche Bank AG, surged 5.9 percent yesterday to close at 12.25 yuan after saying its net income last year rose 22 percent to 3.76 billion yuan.
The Industrial and Commercial Bank of China, the nation's biggest lender, gained 0.6 percent to 4.90 yuan. ICBC reported its net profit grew 16 percent to 128.65 billion yuan last year after the market closed on Thursday.
The Bank of China climbed 1.7 percent to 4.23 yuan. Shanghai Pudong Development Bank advanced 3 percent to 22.26 yuan.
The property sector gained. Beijing Capital Development Co jumped 4 percent to 19.78 yuan. Shanghai Shimao Co added 2.8 percent to 15.59 yuan. Gemdale Corp was up 3 percent to 13.76 yuan.
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