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Market gains little as investors take caution
By Lydia Chen |
February 25, 2011, Friday
|
Online Edition
Online Edition
INVESTORS seemed still cautious about the prospects of the markets as key stock index continued slight gains in another volatile morning session.
The Shanghai market opened low when heavyweights such as oil makers extended losses over Middle East instability. But the losses were later offset by a momentum among financials, especially banks and insurers over solid earning reports.
The Shanghai Composite Index edged up 0.24 percent to 2,885.60. Turnover fell to 68.35 billion yuan (US$10.40 billion) from yesterday morning's 79.77 billion yuan.
Lenders rallied this morning after Shenzhen Development Bank released its earning report, the first one for banking industry, which raised hopes among investors.
The bank said late last night that its net profits rose to 6.29 billion yuan in 2010, a rise of 24.91 percent from a year ago.
Industrial & Commercial Bank of China, the country's largest bank, added 0.94 percent to 4.28 yuan. China Merchants Bank climbed 1.18 percent to 12.83 yuan.
On the losing side, paper makers were among the worst performers as investors started to take profits after two days of rally in the sector.
Nanzhi Co Ltd tumbled 2.54 percent to 6.15 yuan.
The Shanghai market opened low when heavyweights such as oil makers extended losses over Middle East instability. But the losses were later offset by a momentum among financials, especially banks and insurers over solid earning reports.
The Shanghai Composite Index edged up 0.24 percent to 2,885.60. Turnover fell to 68.35 billion yuan (US$10.40 billion) from yesterday morning's 79.77 billion yuan.
Lenders rallied this morning after Shenzhen Development Bank released its earning report, the first one for banking industry, which raised hopes among investors.
The bank said late last night that its net profits rose to 6.29 billion yuan in 2010, a rise of 24.91 percent from a year ago.
Industrial & Commercial Bank of China, the country's largest bank, added 0.94 percent to 4.28 yuan. China Merchants Bank climbed 1.18 percent to 12.83 yuan.
On the losing side, paper makers were among the worst performers as investors started to take profits after two days of rally in the sector.
Nanzhi Co Ltd tumbled 2.54 percent to 6.15 yuan.
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