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Shanghai index hits highest in 2 weeks
By Lydia Chen |
March 25, 2011, Friday
|
Online Edition
Online Edition
BLUE chips headed by cement makers, banks and coal plays today led a broad rally in the Shanghai market, pushing the index to the highest level in more than two weeks.
The Shanghai Composite Index gained 1.06 percent to 2,977.81. It advanced 2.44 percent this week. Turnover expanded to 171.14 billion yuan(US$26.09 billion) from yesterday's 137 billion yuan.
Banks today played a key role in stabilizing the market as investors cheered lenders' better-than-expected earnings.
China Merchants Bank Co added 2.14 percent to 14.30 yuan. Bank of China climbed 1.82 percent to 3.35 yuan.
Bank of China, the country's third-largest lender, said in the industry's first annual earnings announcement that its net profit jumped 29 percent last year to nearly US$15.9 billion, beating analysts previous estimates of 20 percent.
Analysts have long favored lenders, which have recently stumbled after government's frequent monetary tightening designed to curb rising inflation. However, gloomy policy prospects can not change the fact that most lenders are firms with solid growth prospects, traders said.
Prices of other bigcap lenders such as Industrial & Commercial Bank of China, China Construction Bank Corp and Agricultural Bank of China may see further hikes in their prices as all of them are expected to release earning reports by the end of this month.
The Shanghai Composite Index gained 1.06 percent to 2,977.81. It advanced 2.44 percent this week. Turnover expanded to 171.14 billion yuan(US$26.09 billion) from yesterday's 137 billion yuan.
Banks today played a key role in stabilizing the market as investors cheered lenders' better-than-expected earnings.
China Merchants Bank Co added 2.14 percent to 14.30 yuan. Bank of China climbed 1.82 percent to 3.35 yuan.
Bank of China, the country's third-largest lender, said in the industry's first annual earnings announcement that its net profit jumped 29 percent last year to nearly US$15.9 billion, beating analysts previous estimates of 20 percent.
Analysts have long favored lenders, which have recently stumbled after government's frequent monetary tightening designed to curb rising inflation. However, gloomy policy prospects can not change the fact that most lenders are firms with solid growth prospects, traders said.
Prices of other bigcap lenders such as Industrial & Commercial Bank of China, China Construction Bank Corp and Agricultural Bank of China may see further hikes in their prices as all of them are expected to release earning reports by the end of this month.
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