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Stocks edge up on positive earnings reports
By Lu Nengneng |
March 26, 2012, Monday
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Online Edition
Online Edition
SHANGHAI'S stock market edged up after consolidating in the morning trade following media reports that most listed companies in China saw their earnings grow last year.
The key benchmark Shanghai Composite Index went up 0.1 percent to 2,351.87 points. Turnover shrank to 29.1 billion yuan (US$4.6 billion).
According to data compiled by Securities Times, a total of 787 listed companies in Shanghai and Shenzhen have released their financial statements by yesterday.
They chalked up 4.76 trillion yuan in revenue last year, up 47.95 percent from a year earlier, and made 490 billion yuan in profits, up 13.92 percent. More than 70 percent of them saw their earnings increase while the remaining 30 percent experienced downturns.
Blue chips in the banking sector strengthened after China Construction Bank yesterday reported a 25 percent jump in its net profits for last year. The world's second largest bank by market value gained 0.43 percent to 4.72 yuan.
Bank of Communications and Industrial and Commercial Bank of China, whose financial statements are due for release this Thursday and Friday, rose 0.21 percent to 4.73 yuan and 0.23 percent to 4.31 yuan respectively.
Brokers lost the most in the morning after five companies reported slumps in earnings of more than 40 percent last year due to market turbulence. Haitong Securities shed 0.22 percent to 9.02 yuan. Everbright Securities tumbled 2.41 percent to 12.14 yuan.
The key benchmark Shanghai Composite Index went up 0.1 percent to 2,351.87 points. Turnover shrank to 29.1 billion yuan (US$4.6 billion).
According to data compiled by Securities Times, a total of 787 listed companies in Shanghai and Shenzhen have released their financial statements by yesterday.
They chalked up 4.76 trillion yuan in revenue last year, up 47.95 percent from a year earlier, and made 490 billion yuan in profits, up 13.92 percent. More than 70 percent of them saw their earnings increase while the remaining 30 percent experienced downturns.
Blue chips in the banking sector strengthened after China Construction Bank yesterday reported a 25 percent jump in its net profits for last year. The world's second largest bank by market value gained 0.43 percent to 4.72 yuan.
Bank of Communications and Industrial and Commercial Bank of China, whose financial statements are due for release this Thursday and Friday, rose 0.21 percent to 4.73 yuan and 0.23 percent to 4.31 yuan respectively.
Brokers lost the most in the morning after five companies reported slumps in earnings of more than 40 percent last year due to market turbulence. Haitong Securities shed 0.22 percent to 9.02 yuan. Everbright Securities tumbled 2.41 percent to 12.14 yuan.
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