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Shanghai shares rise led by insurers and developers
By Ding Yining |
April 21, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S stock market rose for the first time in five days after insurers boomed with better first quarter earnings and property shares rebounded from earlier losses.
The benchmark Shanghai Composite Index was up 0.67 percent, or 20.09 points, to close at 2,999.62 points. Turnover was 72.9 billion yuan(US$10.7 billion). Gainers outnumbered losers by 743 to 132 and 47 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 1.74 percent to close at 1,199.79 points.
Combined first-quarter profit for China's insurers may have surged 110 percent from the same period last year to 18 billion yuan, as preliminary results showed, according to a statement on the Website of the China Insurance Regulatory Commission.
Ping An Insurance (Group) Co advanced 2.67 percent to 51.997 yuan. China Pacific Insurance (Group) Co Ltd rose 2.12 percent to 26.93 yuan.
Liu Mingkang, chairman of the China Banking Regulatory Commission, urged larger banks to conduct quarterly stress tests on property loans and strictly limit housing speculation, according to a statement on the agency's Website late yesterday.
Banks showed mixed results. Bank of Communications lost 1.70 percent to 7.52 yuan. Bank of China was down 0.74 percent to 4.03 yuan. Shanghai Pudong Development Bank was up 0.63 percent to 20.67 yuan.
Huaneng Power International, a unit of the country's largest electricity generator, said first quarter profit added 41 percent to 952.8 million yuan. The stock jumped 2.89 percent to 7.13 yuan.
Property shares rebounded from previous losses. COFCO Property Group Co rose 1.27 percent to 7.96 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co advanced 3.37 percent to 15.35 yuan. Gemdale Corporation rose 1.43 percent to 11.38 yuan. Jilin Guanghua Holding Group surged 8.42 percent to 17.89 yuan.
Metal producers were generally weak. Zijin Gold Mining Co lost 1.30 percent to 8.35 yuan. Jiangxi Copper dipped 0.60 percent to 35.08 yuan. Shandong Gold Mining Co was down 0.43 percent to 77.20 yuan.
The benchmark Shanghai Composite Index was up 0.67 percent, or 20.09 points, to close at 2,999.62 points. Turnover was 72.9 billion yuan(US$10.7 billion). Gainers outnumbered losers by 743 to 132 and 47 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 1.74 percent to close at 1,199.79 points.
Combined first-quarter profit for China's insurers may have surged 110 percent from the same period last year to 18 billion yuan, as preliminary results showed, according to a statement on the Website of the China Insurance Regulatory Commission.
Ping An Insurance (Group) Co advanced 2.67 percent to 51.997 yuan. China Pacific Insurance (Group) Co Ltd rose 2.12 percent to 26.93 yuan.
Liu Mingkang, chairman of the China Banking Regulatory Commission, urged larger banks to conduct quarterly stress tests on property loans and strictly limit housing speculation, according to a statement on the agency's Website late yesterday.
Banks showed mixed results. Bank of Communications lost 1.70 percent to 7.52 yuan. Bank of China was down 0.74 percent to 4.03 yuan. Shanghai Pudong Development Bank was up 0.63 percent to 20.67 yuan.
Huaneng Power International, a unit of the country's largest electricity generator, said first quarter profit added 41 percent to 952.8 million yuan. The stock jumped 2.89 percent to 7.13 yuan.
Property shares rebounded from previous losses. COFCO Property Group Co rose 1.27 percent to 7.96 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co advanced 3.37 percent to 15.35 yuan. Gemdale Corporation rose 1.43 percent to 11.38 yuan. Jilin Guanghua Holding Group surged 8.42 percent to 17.89 yuan.
Metal producers were generally weak. Zijin Gold Mining Co lost 1.30 percent to 8.35 yuan. Jiangxi Copper dipped 0.60 percent to 35.08 yuan. Shandong Gold Mining Co was down 0.43 percent to 77.20 yuan.
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