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Shanghai index rises to highest level in nearly 8 months
By Ye Zhen |
January 28, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI shares advanced the most in 10 days to close at the highest level in nearly eight months after China's industrial profit increased for a fourth consecutive month in December, the latest sign the country's economy is gaining momentum.
The key Shanghai Composite Index increased 2.4 percent to 2,346.51 points, the highest close since June 1. Daily turnover was 116.9 billion yuan (US$18.9 billion).
Industrial profit jumped 17.3 percent year on year to 895.2 billion yuan in December, the National Bureau of Statistics said on its website yesterday. The growth slowed from November's 22.8 percent increase but was still the third-fastest monthly gain of 2012.
Last year, industrial profit totaled 5.6 trillion yuan, up 5.3 percent from 2011, the bureau said.
Shenyin & Wanguo Securities said in a report that industrial profit reversed a downward trend in 2012 due to increasing production, rising prices and improved profitability amid an economic recovery.
The brokerage expected industrial profit to continue to improve this year, with annual growth outpacing an estimated 13 percent.
Brokerages led the gains after exchanges announced they would increase the number of underlying stocks for margin trading and short selling.
CITIC Securities, China's biggest listed brokerage, climbed 5.9 percent to 14.34 yuan. Haitong Securities Co jumped 8.2 percent to 11.01 yuan. China Merchants Securities Co surged the daily limit of 10 percent to 11.18 yuan.
On Thursday, the number of underlying stocks for margin trading and short selling will increase to 300 from 180 on the Shanghai exchange and to 200 from 98 on the Shenzhen exchange, the two bourses said on Friday.
The key Shanghai Composite Index increased 2.4 percent to 2,346.51 points, the highest close since June 1. Daily turnover was 116.9 billion yuan (US$18.9 billion).
Industrial profit jumped 17.3 percent year on year to 895.2 billion yuan in December, the National Bureau of Statistics said on its website yesterday. The growth slowed from November's 22.8 percent increase but was still the third-fastest monthly gain of 2012.
Last year, industrial profit totaled 5.6 trillion yuan, up 5.3 percent from 2011, the bureau said.
Shenyin & Wanguo Securities said in a report that industrial profit reversed a downward trend in 2012 due to increasing production, rising prices and improved profitability amid an economic recovery.
The brokerage expected industrial profit to continue to improve this year, with annual growth outpacing an estimated 13 percent.
Brokerages led the gains after exchanges announced they would increase the number of underlying stocks for margin trading and short selling.
CITIC Securities, China's biggest listed brokerage, climbed 5.9 percent to 14.34 yuan. Haitong Securities Co jumped 8.2 percent to 11.01 yuan. China Merchants Securities Co surged the daily limit of 10 percent to 11.18 yuan.
On Thursday, the number of underlying stocks for margin trading and short selling will increase to 300 from 180 on the Shanghai exchange and to 200 from 98 on the Shenzhen exchange, the two bourses said on Friday.
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