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Lenders push Shanghai index up
By Lydia Chen |
March 22, 2011, Tuesday
|
Online Edition
Online Edition
SHARES in Shanghai posted modest gains for a third day today as lenders rose over promising profit outlook while commodity and energy shares gained amid a fresh round of air attacks on Libya.
The Shanghai Composite Index added 0.34 percent to 2,919.14. Turnover continued to thin to 120.19 billion yuan (US$ 18.30 billion) from yesterday's 122 billion yuan.
The rally among lenders was a strong drive to lift the market up today, making the sector the third best performer after construction materials and insurers. But banks crowned among all peers with nearly 7 billion yuan flowing in.
Industrial & Commercial Bank of China gained 0.46 percent to 4.36 yuan. Huaxia Bank Co jumped 3.67 percent to 12.14 yuan.
Average profit growth for listed banks could surpass 20 percent both in last year and this year while their average PE level now is only around 10 times, according to a report by Shenyin Wanguo Securities Co today.
The brokerage said lenders such as Minsheng Bank, China Construction Bank Corp, Industrial Bank Co and China Merchants Bank could be ideal investments now.
But lenders may drop when China's latest raise of bank reserve requirement takes effect this Friday, which could be the best opportunity for investors to buy low, the brokerage added.
The Shanghai Composite Index added 0.34 percent to 2,919.14. Turnover continued to thin to 120.19 billion yuan (US$ 18.30 billion) from yesterday's 122 billion yuan.
The rally among lenders was a strong drive to lift the market up today, making the sector the third best performer after construction materials and insurers. But banks crowned among all peers with nearly 7 billion yuan flowing in.
Industrial & Commercial Bank of China gained 0.46 percent to 4.36 yuan. Huaxia Bank Co jumped 3.67 percent to 12.14 yuan.
Average profit growth for listed banks could surpass 20 percent both in last year and this year while their average PE level now is only around 10 times, according to a report by Shenyin Wanguo Securities Co today.
The brokerage said lenders such as Minsheng Bank, China Construction Bank Corp, Industrial Bank Co and China Merchants Bank could be ideal investments now.
But lenders may drop when China's latest raise of bank reserve requirement takes effect this Friday, which could be the best opportunity for investors to buy low, the brokerage added.
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