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Shanghai shares rebound, led by coal miners, insurers
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SHANGHAI stocks inched up this morning as coal producers and insurers gained on robust earnings, offsetting the losses of homebuilders and distilleries.
The key Shanghai Composite Index added 0.16 percent to 2,006.78 points. Turnover was 27.8 billion yuan (US$4.5 billion) by the noon break.
Analysts said the market is in a technical rebound after falling for four days in a row.
Shenyin & Wanguo Securities said the market is lifted by small-cap shares that suffered big losses in previous sessions, but it would take time for investors to recover risk appetite as concerns over initial public offerings remain.
Datong Coal Industry Co Ltd jumped by the daily limit of 10 percent to 4.50 yuan after posting a 447 percent surge in first-quarter profit.
Ping An Insurance rose 2.4 percent to 39 yuan after China’s second-largest insurer said its earnings increased 46 percent year on year in the first quarter of this year.
Property developers and distilleries were dragged down by poor earnings reports. Gemdale Corporation fell by the daily limit of 10 percent to 9.20 yuan after it reported a year-on-year drop of 74 percent in net proft in the first quarter.
Sichuan Swellfun Co Ltd slipped 1.4 percent to 7.17 yuan after posting a 175 percent drop in net profit in the first quarter.
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