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Shanghai shares rise on stronger banks and steel makers
By Joyce Pan |
April 30, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly higher today, ending a six-day losing streak, thanks to strong performance in the banking and steel sectors on beating-expectations first-quarter profits.
The benchmark Shanghai Composite Index edged up 0.08 percent, or 2.18 points, to end at 2,870.61 points after touching an intraday low of 2,820.95 points. The gauge lost a total 7.7 percent in April. Starting May 1, the market will be closed for three days during the Labor Day holiday.
Turnover stood at 105.9 billion yuan (US$ 15.6 billion). Losers outnumbered gainers 662 to 216 and 9 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.73 percent to close at 1,173 points.
Bank of Communications, part-owned by HSBC Holdings Plc, said net profit grew 31 percent from a year ago to 5 billion yuan in the first quarter. Its shares jumped 1.6 percent to 7.12 yuan.
Industrial and Commercial Bank of China, China's largest lender by market value, added 1.1 percent to 4.54 yuan after saying first quarter profit rose 18 percent year on year to 41.6 billion yuan.
China Construction Bank Corp, the second-largest, said net income for the first three months advanced 34 percent to 35.2 billion yuan. Separately, the bank said it plans to raise as much as 75 billion yuan through rights offers on both the Shanghai and Hong Kong bourses to replenish capital. The stock climbed 1 percent to 5.25 yuan.
Baoshan Iron & Steel Co, the country's biggest mill, reported its first quarter profit soared 44-fold to 3.98 billion yuan and estimated its first-half profit may surge between sixfold to 10-fold from a year ago, boosted by booming demand from auto and appliance manufacturing. Its shares surged 6 percent to 6.89 yuan.
Wuhan Iron and Steel Co gained 2.2 percent to 5.62 yuan and Angang Steel Co rose 4.2 percent to 9.51 yuan.
Elsewhere, PetroChina, the nation's largest oil producer, increased 1.3 percent to 12.1 yuan. The company's A$3.5 billion joint bid with Royal Dutch Shell for Australia-based Arrow Energy was approved by Australia's Foreign Investment Review Board.
Sichuan Swellfun Co added 1.1 percent to 22.24 yuan after saying Diageo Plc has applied to raise its stake in Swellfun's parent company.
The benchmark Shanghai Composite Index edged up 0.08 percent, or 2.18 points, to end at 2,870.61 points after touching an intraday low of 2,820.95 points. The gauge lost a total 7.7 percent in April. Starting May 1, the market will be closed for three days during the Labor Day holiday.
Turnover stood at 105.9 billion yuan (US$ 15.6 billion). Losers outnumbered gainers 662 to 216 and 9 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.73 percent to close at 1,173 points.
Bank of Communications, part-owned by HSBC Holdings Plc, said net profit grew 31 percent from a year ago to 5 billion yuan in the first quarter. Its shares jumped 1.6 percent to 7.12 yuan.
Industrial and Commercial Bank of China, China's largest lender by market value, added 1.1 percent to 4.54 yuan after saying first quarter profit rose 18 percent year on year to 41.6 billion yuan.
China Construction Bank Corp, the second-largest, said net income for the first three months advanced 34 percent to 35.2 billion yuan. Separately, the bank said it plans to raise as much as 75 billion yuan through rights offers on both the Shanghai and Hong Kong bourses to replenish capital. The stock climbed 1 percent to 5.25 yuan.
Baoshan Iron & Steel Co, the country's biggest mill, reported its first quarter profit soared 44-fold to 3.98 billion yuan and estimated its first-half profit may surge between sixfold to 10-fold from a year ago, boosted by booming demand from auto and appliance manufacturing. Its shares surged 6 percent to 6.89 yuan.
Wuhan Iron and Steel Co gained 2.2 percent to 5.62 yuan and Angang Steel Co rose 4.2 percent to 9.51 yuan.
Elsewhere, PetroChina, the nation's largest oil producer, increased 1.3 percent to 12.1 yuan. The company's A$3.5 billion joint bid with Royal Dutch Shell for Australia-based Arrow Energy was approved by Australia's Foreign Investment Review Board.
Sichuan Swellfun Co added 1.1 percent to 22.24 yuan after saying Diageo Plc has applied to raise its stake in Swellfun's parent company.
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