Shares shine on brokerages and banks
Print Edition
SHANGHAI shares inched up yesterday as brokerages, banks and gold stocks performed generally better.
The Shanghai Composite Index added 0.2 percent to close at 2,810.31 points, recovering from a loss of 1 percent in the morning trade. For the week, the index shed 2.2 percent.
Brokerages gained, with CITIC Securities, China’s biggest listed brokerage, rising 2.7 percent to 15.95 yuan (US$2.45) and Dongxing Securities surging 4.8 percent to 20.68 yuan.
The sector was buoyed by industry data showing that China’s 24 listed brokerages reported a total net profit of 3 billion yuan in February, compared with a net loss of 142 million yuan in January.
Lenders also gained as investors were cheered by news that China is planning to allow commercial banks to swap non-performing loans of companies for stakes in those firms.
The Bank of Communications added 1.7 percent while the Bank of China rose 1.5 percent.
Shandong Gold Mining Co rose 2.6 percent, and Chifeng Jilong Gold Mining Co increased 4.5 percent.
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