Stock index at 3-month high
By Feng Jianmin and Pan Xiaoyi |
August 20, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index hit a three-month high yesterday, led by coal miners and banks, while property developers dropped.
The benchmark Shanghai Composite Index went up 0.81 percent, or 21.68 points, to close at 2,687.98. Turnover rose to 133.2 billion yuan (US$19.6 billion) from yesterday's 128.9 billion yuan.
Banks gained on earnings in the first half. China Merchants Bank added 2.2 percent to 14.11 yuan after its profit grew 60 percent.
The Industrial and Commercial Bank of China added 0.7 percent to 4.18 yuan after it got approval to issue up to 25 billion yuan in convertible bonds.
"Investors are seeking new growth momentum to shore up the stock market while resources sectors offer good opportunities," Central China Securities Co wrote in a research note. "The rebound could be sustained in the short term while some corrections are expected after fast rises."
Coal miners rallied on growing demand. China Shenhua Energy Co climbed 5.4 percent to 25.71 yuan.
Property developers dropped because of Ministry of Land and Resources plans to regulate land use. The ministry revealed 3,070 cases of improper land use up to May this year. Gemdale Corp dropped 0.87 percent to 6.84 yuan.
The benchmark Shanghai Composite Index went up 0.81 percent, or 21.68 points, to close at 2,687.98. Turnover rose to 133.2 billion yuan (US$19.6 billion) from yesterday's 128.9 billion yuan.
Banks gained on earnings in the first half. China Merchants Bank added 2.2 percent to 14.11 yuan after its profit grew 60 percent.
The Industrial and Commercial Bank of China added 0.7 percent to 4.18 yuan after it got approval to issue up to 25 billion yuan in convertible bonds.
"Investors are seeking new growth momentum to shore up the stock market while resources sectors offer good opportunities," Central China Securities Co wrote in a research note. "The rebound could be sustained in the short term while some corrections are expected after fast rises."
Coal miners rallied on growing demand. China Shenhua Energy Co climbed 5.4 percent to 25.71 yuan.
Property developers dropped because of Ministry of Land and Resources plans to regulate land use. The ministry revealed 3,070 cases of improper land use up to May this year. Gemdale Corp dropped 0.87 percent to 6.84 yuan.
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