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Loan data pushes up financial chips
By Feng Jianmin |
October 14, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly higher, as the finance sector went strong on news of higher-than-expected new loans in September, while most stocks dropped after 5 days' rally.
The benchmark Shanghai Composite Index edged up 0.64 percent, or 18.28 points, to close at 2,879.64 points. Turnover rose to 264.7 billion yuan (US$39.7 billion) from yesterday's 228.4 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, declined 0.76 percent to 12,507.71.
New loans in September grew to 595.5 billion yuan, higher than an estimate of 500 to 550 billion yuan by the market. New loans in August were 545.2 billion yuan.
"Investors' interests are shifting from small and medium caps to the undervalued blue chips," said Qiu Zhicheng, analyst with Guosen Securities. "The size of new lending in September indicates sufficient liquidity for banks, while no evidence shows that the central bank may raise interest rates to curb inflation."
Banks gained. Bank of China gained 1.45 percent to 3.50 yuan. Agricultural Bank of China climbed 2.95 percent to 2.79 yuan. Everbright Bank jumped by a daily limit of 10 percent to 4.19 yuan.
China Pacific Insurance Co edged up 0.63 percent to 25.75 yuan. Ping An Insurance Co rose 2.53 percent to 60.80 yuan. China Life Insurance Co went up 2.49 percent to 24.32 yuan.
Brokerages extended previous gains on a boom of turnover. GF Securities Co hiked 10 percent to 44.55 yuan. CITIC Securities, China's largest brokerage, climbed 6.31 percent to 13.69 yuan. Haitong Securities Co rose 3.79 percent to 10.68 yuan.
Property developers were flat after Gemdale Corp paid more than 2.29 billion yuan to buy a land in Pudong New District, 228 percent higher than the starting price. The company's share slid 3 percent to 7.11 yuan. China Merchants Property Development Co lost 1.10 percent to 19.78 yuan. China Vanke was unchanged at 9.40 yuan.
Cement firms retreated from yesterday's gains. Tangshan Jidong Cement Co tumbled 8.32 percent to 22.26 yuan. Anhui Conch Cement Co fell 4.07 percent to 24.73 yuan. Jiangxi Wannianqing Cement Co fell 2.84 percent to 9.23 yuan.
The benchmark Shanghai Composite Index edged up 0.64 percent, or 18.28 points, to close at 2,879.64 points. Turnover rose to 264.7 billion yuan (US$39.7 billion) from yesterday's 228.4 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, declined 0.76 percent to 12,507.71.
New loans in September grew to 595.5 billion yuan, higher than an estimate of 500 to 550 billion yuan by the market. New loans in August were 545.2 billion yuan.
"Investors' interests are shifting from small and medium caps to the undervalued blue chips," said Qiu Zhicheng, analyst with Guosen Securities. "The size of new lending in September indicates sufficient liquidity for banks, while no evidence shows that the central bank may raise interest rates to curb inflation."
Banks gained. Bank of China gained 1.45 percent to 3.50 yuan. Agricultural Bank of China climbed 2.95 percent to 2.79 yuan. Everbright Bank jumped by a daily limit of 10 percent to 4.19 yuan.
China Pacific Insurance Co edged up 0.63 percent to 25.75 yuan. Ping An Insurance Co rose 2.53 percent to 60.80 yuan. China Life Insurance Co went up 2.49 percent to 24.32 yuan.
Brokerages extended previous gains on a boom of turnover. GF Securities Co hiked 10 percent to 44.55 yuan. CITIC Securities, China's largest brokerage, climbed 6.31 percent to 13.69 yuan. Haitong Securities Co rose 3.79 percent to 10.68 yuan.
Property developers were flat after Gemdale Corp paid more than 2.29 billion yuan to buy a land in Pudong New District, 228 percent higher than the starting price. The company's share slid 3 percent to 7.11 yuan. China Merchants Property Development Co lost 1.10 percent to 19.78 yuan. China Vanke was unchanged at 9.40 yuan.
Cement firms retreated from yesterday's gains. Tangshan Jidong Cement Co tumbled 8.32 percent to 22.26 yuan. Anhui Conch Cement Co fell 4.07 percent to 24.73 yuan. Jiangxi Wannianqing Cement Co fell 2.84 percent to 9.23 yuan.
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