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Stocks jump 1.04% in morning trade
By Hu Xiaocen |
March 8, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks snapped out of its three-day losses in early trade as financials and metal producers rallied.
The Shanghai Composite Index jumped 1.04 percent, or 24.89 points, to 2,419.68, with turnover of 48.5 billion yuan (US$7.7 billion).
The number of new stock accounts increased for the fifth consecutive week, cheering listed brokerages.
Financials were among the top performers and rallied 3 percent on average in the morning, pulling up the index. Sinolink Securities soared by the 10 percent daily limit to 12.28 yuan. Industrial Securities jumped 5.77 percent to 11.73 yuan. Industrial and Commercial Bank of China, the country's largest lender, edged up 0.23 percent to 4.33 yuan.
China Life Insurance, the nation's biggest insurer rebound 1.03 percent to 17.68 yuan, from yesterday's slump after it said net income for 2011 may have dropped by 40-50 percent from a year earlier based on Chinese accounting standards.
Metal producers were also strong with a jump of 2.22 percent on average erasing yesterday's losses, as metal futures rose on Shanghai Futures Exchange. Zijin Mining Group Co, the nation's largest gold producer, added 1.12 percent to 4.51 yuan. Jiangxi Copper, China's biggest producer of the metal, gained 1.68 percent to 26.04 yuan. Inner Mongolia Baotou Steel, soared 6.59 percent to 57.87 yuan.
Aijian Securities said today that the market still has downside risk with volatility.
The Shanghai Composite Index jumped 1.04 percent, or 24.89 points, to 2,419.68, with turnover of 48.5 billion yuan (US$7.7 billion).
The number of new stock accounts increased for the fifth consecutive week, cheering listed brokerages.
Financials were among the top performers and rallied 3 percent on average in the morning, pulling up the index. Sinolink Securities soared by the 10 percent daily limit to 12.28 yuan. Industrial Securities jumped 5.77 percent to 11.73 yuan. Industrial and Commercial Bank of China, the country's largest lender, edged up 0.23 percent to 4.33 yuan.
China Life Insurance, the nation's biggest insurer rebound 1.03 percent to 17.68 yuan, from yesterday's slump after it said net income for 2011 may have dropped by 40-50 percent from a year earlier based on Chinese accounting standards.
Metal producers were also strong with a jump of 2.22 percent on average erasing yesterday's losses, as metal futures rose on Shanghai Futures Exchange. Zijin Mining Group Co, the nation's largest gold producer, added 1.12 percent to 4.51 yuan. Jiangxi Copper, China's biggest producer of the metal, gained 1.68 percent to 26.04 yuan. Inner Mongolia Baotou Steel, soared 6.59 percent to 57.87 yuan.
Aijian Securities said today that the market still has downside risk with volatility.
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