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Shanghai stocks up 0.89% in morning trading
By Ye Zhen |
May 20, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks gained this morning, led up by financial shares and building materials. The benchmark Shanghai Composite Index advanced 20.32 points, or 0.89 percent, to 2,303.19. Turnover was 74.2 billion yuan (US$12.2 billion) by midday.
"The stock market is likely to grow further because of low valuation, improving company profitability and capital inflows," said Northeast Securities in a report today.
Data from China Securities Investor Protection Fund Corporation showed a net inflow of 20 billion yuan to the A-share market in the first ten days of May, ending a continuous outflow since April.
Financial stocks led the market up. ICBC, the nation's largest lender, rose 1.2 percent to 4.21 yuan. Agricultural Bank of China gained 1.5 percent to 2.79 yuan. China Minsheng Banking Corp jumped 3.6 percent to 10.86 yuan.
CITIC Securities, the country's biggest listed brokerage, rose 1.1 percent to 12.93 yuan. Founder Securities Co added 1.6 percent to 7.58 yuan. Haitong Securities Co climbed 2.1 percent to 11.61 yuan.
Building materials producers gained as well. China State Construction Engineering Corp Ltd rose 1 percent to 3.92 yuan. Sinoma International Engineering Co added 1.03 percent to 10.81 yuan.
"The stock market is likely to grow further because of low valuation, improving company profitability and capital inflows," said Northeast Securities in a report today.
Data from China Securities Investor Protection Fund Corporation showed a net inflow of 20 billion yuan to the A-share market in the first ten days of May, ending a continuous outflow since April.
Financial stocks led the market up. ICBC, the nation's largest lender, rose 1.2 percent to 4.21 yuan. Agricultural Bank of China gained 1.5 percent to 2.79 yuan. China Minsheng Banking Corp jumped 3.6 percent to 10.86 yuan.
CITIC Securities, the country's biggest listed brokerage, rose 1.1 percent to 12.93 yuan. Founder Securities Co added 1.6 percent to 7.58 yuan. Haitong Securities Co climbed 2.1 percent to 11.61 yuan.
Building materials producers gained as well. China State Construction Engineering Corp Ltd rose 1 percent to 3.92 yuan. Sinoma International Engineering Co added 1.03 percent to 10.81 yuan.
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