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Market rebounds, led by banks and developers
By Ding Yining |
April 29, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S market closed slightly higher in the morning session with rebound in the banking sector and property shares.
The benchmark Shanghai Composite Index edged up 0.23 percent, or 6.59 points, to close at 2,906.93 points. Turnover was 54.9 billion yuan (US$8 billion). Gainers outnumbered losers by 434 to 416 and 72 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, remained unchanged at 1,161.50 points.
Banks and financial shares rebounded from previous losses. Ping An Insurance (Group) Co edged up 0.31 percent to 49.14 yuan. China Pacific Insurance (Group) Co Ltd rose 1.31 percent to 24.76 yuan.
Bank of Communications added 1.14 percent to 7.08 yuan. Industrial Bank rose 1.39 percent to 29.13 yuan. Bank of China edged up 1.23 percent to 4.10 yuan.
China Merchants Bank said profit in the first three months added 40 percent from that of last year to 5.9 billion yuan. The stock advanced 1.66 percent to 14.05 yuan.
FAW Car Co said first quarter profits surged 66 percent to 8.43 billion yuan with strong sales income. Its shares rallied 3.03 percent to 19.02 yuan.
Property shares also rebounded. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd surged the daily limit of 10 percent to 20.90 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co advanced 4.21 percent to 15.85 yuan. Gemdale Corporation added 0.82 percent to 12.23 yuan.
Metallurgical Co of China Ltd said its first quarter profit added 24 percent to 1.1 billion yuan. The stock dipped 0.66 percent to 4.55 yuan.
Metal producers showed mixed results. Jiangxi Copper edged up 0.33 percent to 33.92 yuan. Shandong Gold Mining Co dipped 0.30 percent to 75.58 yuan. Aluminum Corporation of China Ltd added 0.87 percent to 11.64 yuan.
The benchmark Shanghai Composite Index edged up 0.23 percent, or 6.59 points, to close at 2,906.93 points. Turnover was 54.9 billion yuan (US$8 billion). Gainers outnumbered losers by 434 to 416 and 72 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, remained unchanged at 1,161.50 points.
Banks and financial shares rebounded from previous losses. Ping An Insurance (Group) Co edged up 0.31 percent to 49.14 yuan. China Pacific Insurance (Group) Co Ltd rose 1.31 percent to 24.76 yuan.
Bank of Communications added 1.14 percent to 7.08 yuan. Industrial Bank rose 1.39 percent to 29.13 yuan. Bank of China edged up 1.23 percent to 4.10 yuan.
China Merchants Bank said profit in the first three months added 40 percent from that of last year to 5.9 billion yuan. The stock advanced 1.66 percent to 14.05 yuan.
FAW Car Co said first quarter profits surged 66 percent to 8.43 billion yuan with strong sales income. Its shares rallied 3.03 percent to 19.02 yuan.
Property shares also rebounded. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd surged the daily limit of 10 percent to 20.90 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co advanced 4.21 percent to 15.85 yuan. Gemdale Corporation added 0.82 percent to 12.23 yuan.
Metallurgical Co of China Ltd said its first quarter profit added 24 percent to 1.1 billion yuan. The stock dipped 0.66 percent to 4.55 yuan.
Metal producers showed mixed results. Jiangxi Copper edged up 0.33 percent to 33.92 yuan. Shandong Gold Mining Co dipped 0.30 percent to 75.58 yuan. Aluminum Corporation of China Ltd added 0.87 percent to 11.64 yuan.
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