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Market rebounds

SHANGHAI'S key stock index rebounded and ended above 2,900 points after yesterday's slide but still weak as investors see a longer period of adjustment.

The benchmark Shanghai Composite Index added 1.4 percent, or 40.25 points, to close at 2,910.88 points. Turnover was 117.9 billion yuan (US$17.3 billion), lower from yesterday's 137.5 billion yuan. Gainers outnumbered losers 689 to 173 and 48 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.31 percent to close at 968.39 points.

"Financial and property shares are still weak, and tumbling turnover will limit a further rebound of the index," Chen Wei, an analyst at United Securities, wrote in a research note.

Oil producers recovered from yesterday's loss. PetroChina, the country's largest oil producer and Shanghai stock, added 1.6 percent to 13.3 yuan. China Petroleum & Chemical Corp, Asia's largest refiner also known as Sinopec, advanced 3.78 percent to 12.64 yuan.

Metal producers showed mixed results. Zijin Mining Co rose 2.97 percent to 9.02 yuan. Shandong Gold Mining Co jumped 5.84 percent to 50.77 yuan. Yunnan Copper Co hiked 5.56 percent to 31.50 yuan.

China Vanke Co, the country's largest listed developer, rose 1.3 percent to 11.65 yuan. Poly Real Estate Group added 0.92 percent to 25.16 yuan. Gemdale Corporation lost 1.63 percent to 15.67 yuan.

Twelve domestic banks reported a combined net profit of 45.2 billion yuan in the first half, down 19.3 percent from a year earlier, an official at the China Banking Regulatory Commission said.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, added 1.49 percent to 4.76 yuan. Shanghai Pudong Development Bank edged up 0.13 percent to 22.37 yuan. China Merchants Bank lost 0.87 percent to 16.02 yuan. Bank of Communications rose 1.35 percent to 9.03 yuan.


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