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Shanghai Composite hits 2-week high
By Hu Xiaocen |
May 6, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks traded higher this morning as investors are more optimistic about corporate earnings. The Shanghai Composite Index gained 0.88 percent to a two-week high of 2,224.96 points by the noon break.
"Improved performance and valuation of companies will boost the market sentiment as investors are more optimistic about the earnings outlook," said Guotai Junan Securities in a research note today.
"Listed companies showed improved earnings in the fourth quarter of last year and the first quarter of this year," it said.
Combined net profit of companies listed on Shanghai's A-share market rose 8.6 percent in the October-December quarter and 11 percent in the January-March quarter from a year earlier.
All lenders gained in the morning session. CITIC Bank jumped 2.3 percent to 4.4 yuan. Shanghai Pudong Development Bank advanced 1.1 percent to 10.12 yuan. Bank of Communications, the nation's fifth-biggest lender, added 0.4 percent to 4.71 yuan.
Gold shares remained strong after a buying spree during the Labor Day holiday. Zhongjin Gold Co, the listed arm of China's biggest gold producer, rose 0.9 percent to 12.45 yuan. Zijin Mining Group Co, China's biggest mining company, surged 1 percent to 3.13 yuan. Shanghai Yuyuan Tourist Mart Co, gold jewelry retail chain, notched up 0.3 percent to 7.39 yuan.
"Improved performance and valuation of companies will boost the market sentiment as investors are more optimistic about the earnings outlook," said Guotai Junan Securities in a research note today.
"Listed companies showed improved earnings in the fourth quarter of last year and the first quarter of this year," it said.
Combined net profit of companies listed on Shanghai's A-share market rose 8.6 percent in the October-December quarter and 11 percent in the January-March quarter from a year earlier.
All lenders gained in the morning session. CITIC Bank jumped 2.3 percent to 4.4 yuan. Shanghai Pudong Development Bank advanced 1.1 percent to 10.12 yuan. Bank of Communications, the nation's fifth-biggest lender, added 0.4 percent to 4.71 yuan.
Gold shares remained strong after a buying spree during the Labor Day holiday. Zhongjin Gold Co, the listed arm of China's biggest gold producer, rose 0.9 percent to 12.45 yuan. Zijin Mining Group Co, China's biggest mining company, surged 1 percent to 3.13 yuan. Shanghai Yuyuan Tourist Mart Co, gold jewelry retail chain, notched up 0.3 percent to 7.39 yuan.
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