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Stocks inch higher, gain 5.13% in January
By Ye Zhen |
January 31, 2013, Thursday
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Online Edition
Online Edition
SHANGHAI stocks gained for a fourth straight day, sending the index to more than an eight-month high amid optimism that the profitability of listed companies is recovering as the economy bounces back.
The benchmark Shanghai Composite Index edged up 0.12 percent to close at 2,385.42 points, the highest close since May 29. About 116.2 billion yuan (US$18.7 billion) worth of shares were traded today. The index recorded its second consecutive monthly gain, adding 5.13 percent in January.
"Listed companies, especially in cyclical sectors, are likely to post better-than-expected earnings as recent data including the Purchasing Managers' Index, industrial output and exports pointed to a rebounding economy. That will become a major impetus further driving up the market," Gao Hua Securities Research said in report released today.
Attractive valuations, continued liquidity support and progress on economic reforms will also boost the market, the firm said.
As of yesterday, 1,698 companies listed on either the Shanghai and Shenzhen bourses have released their earning forecasts, with about 55 percent of them expecting an increase in net-profit last year, according to the Shanghai Securities News
The estimated combined earnings of 1443 firms was 75 billion yuan in the fourth quarter, up from a less than 40 billion in the previous quarter and reversed a declining trend in the first three quarters last year.
Gold stocks gained among non-ferrous metal producers as prices of the precious metal posted the biggest gains in nearly three weeks after a report showed the US economy unexpectedly contracted in the fourth quarter, raising the metal's safe-haven appeal to investors.
Zijin Mining Group Co, the nation's largest gold producer, rose 1.6 percent to 3.87 yuan. Shandong Gold Mining Co increased 1 percent to 37.36 yuan. Zhongjin Gold Corp climbed 1.2 percent to 16.28 yuan.
China Times reported the Beijing government has submitted a property tax plan to the State Council for approval and will introduce the property tax as early as the first half of this year, citing an unnamed source close to Beijing's local taxation bureau.
Property developers lost the most today on the news even though the taxation bureau denied the story this morning on its microblog.
China Vanke, the nation's biggest developer, dropped 5.2 percent to 12.01 yuan. Poly Real Estate, the second largest developer, slumped 6.2 percent to 13.22 yuan. Gemdale Corporation decreased 5.6 percent to 7.40 yuan.
The benchmark Shanghai Composite Index edged up 0.12 percent to close at 2,385.42 points, the highest close since May 29. About 116.2 billion yuan (US$18.7 billion) worth of shares were traded today. The index recorded its second consecutive monthly gain, adding 5.13 percent in January.
"Listed companies, especially in cyclical sectors, are likely to post better-than-expected earnings as recent data including the Purchasing Managers' Index, industrial output and exports pointed to a rebounding economy. That will become a major impetus further driving up the market," Gao Hua Securities Research said in report released today.
Attractive valuations, continued liquidity support and progress on economic reforms will also boost the market, the firm said.
As of yesterday, 1,698 companies listed on either the Shanghai and Shenzhen bourses have released their earning forecasts, with about 55 percent of them expecting an increase in net-profit last year, according to the Shanghai Securities News
The estimated combined earnings of 1443 firms was 75 billion yuan in the fourth quarter, up from a less than 40 billion in the previous quarter and reversed a declining trend in the first three quarters last year.
Gold stocks gained among non-ferrous metal producers as prices of the precious metal posted the biggest gains in nearly three weeks after a report showed the US economy unexpectedly contracted in the fourth quarter, raising the metal's safe-haven appeal to investors.
Zijin Mining Group Co, the nation's largest gold producer, rose 1.6 percent to 3.87 yuan. Shandong Gold Mining Co increased 1 percent to 37.36 yuan. Zhongjin Gold Corp climbed 1.2 percent to 16.28 yuan.
China Times reported the Beijing government has submitted a property tax plan to the State Council for approval and will introduce the property tax as early as the first half of this year, citing an unnamed source close to Beijing's local taxation bureau.
Property developers lost the most today on the news even though the taxation bureau denied the story this morning on its microblog.
China Vanke, the nation's biggest developer, dropped 5.2 percent to 12.01 yuan. Poly Real Estate, the second largest developer, slumped 6.2 percent to 13.22 yuan. Gemdale Corporation decreased 5.6 percent to 7.40 yuan.
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