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August 21, 2009

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Home » Business » Finance

Solid financial results boost index's climb

SHANGHAI'S key stock index yesterday posted its second-biggest daily percentage gain of this year, with most listed companies reporting positive corporate results.

The Shanghai Composite Index rebounded 4.47 percent - the most since March 4 - from a two-month low to close at 2,910.15. The rally erased the loss on Wednesday when the gauge fell 4.3 percent.

Turnover was 122.1 billion yuan (US$17.9 billion).

Dong Wu Securities wrote in a note that the "rebound is a technical adjustment toward Wednesday's slide and the index will continue to fluctuate between 2,700 points and 2,800 points in the near future."

A total of 879 listed companies in Shanghai and Shenzhen released their first-half financial results and China Securities Journal said yesterday that 711 of them reported a total net profit of 114.3 billion yuan in the period, citing statistics up to Wednesday. The figure was 18 percent lower than 141 billion yuan in the corresponding period last year. The remaining 168 companies reported a net loss.

ZTE Corp said its first-half profit surged 41 percent as it gained orders from Chinese telecommunication operators for high-speed mobile phone networks. Its shares gained 1.22 percent to 33.30 yuan.

Banks gained after Shanghai Securities News cited an unnamed source yesterday as saying 500 billion yuan in new loans may be given out in China in August, from more than 356 billion yuan in July.

The Industrial and Commercial Bank of China rose 3.26 percent to 4.75 yuan, Shanghai Pudong Development Bank up 4.26 percent to 22.25 yuan and the Bank of Communications gained 4.43 percent to 9.19 yuan.


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