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Stocks stabilize as more listed firms report growth
By Lu Nengneng |
March 26, 2012, Monday
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Online Edition
Online Edition
SHANGHAI'S key stock index inched up today after a large number of listed companies in China reported earnings growth last year.
The Shanghai Composite Index rose 0.05 percent to 2,350.6 points after market consolidation. Turnover shrank to 54.1 billion yuan (US$8.6 billion).
According to data compiled by Securities Times, a total of 787 listed companies in Shanghai and Shenzhen have reported their financial status by yesterday. Their combined revenue surged 47.95 percent to 4.76 trillion yuan last year and the profits reached 490 billion yuan, 13.92 percent up from a year earlier. More than 70 percent of them made more money than in 2010, while the remaining 30 percent experienced downturn.
The market stabilized today on the advance of banks following a 25 percent jump in the 2011 net profits of China Construction Bank, reported yesterday. The world's second largest bank by market value closed unchanged at 4.7 yuan. Bank of Communications and Industrial and Commercial Bank of China, whose financial statements are due for release this Thursday and Friday, rose 0.42 percent to 4.74 yuan and 0.23 percent to 4.31 yuan respectively.
Brokers were among the biggest losers today as five companies have so far reported earnings slumps of more than 40 percent for 2011, which saw the key index plunge more than 21 percent.
Haitong Securities shed 0.11 percent to 9.03 yuan. Everbright Securities tumbled 2.41 percent to 12.14 yuan.
The Shanghai Composite Index rose 0.05 percent to 2,350.6 points after market consolidation. Turnover shrank to 54.1 billion yuan (US$8.6 billion).
According to data compiled by Securities Times, a total of 787 listed companies in Shanghai and Shenzhen have reported their financial status by yesterday. Their combined revenue surged 47.95 percent to 4.76 trillion yuan last year and the profits reached 490 billion yuan, 13.92 percent up from a year earlier. More than 70 percent of them made more money than in 2010, while the remaining 30 percent experienced downturn.
The market stabilized today on the advance of banks following a 25 percent jump in the 2011 net profits of China Construction Bank, reported yesterday. The world's second largest bank by market value closed unchanged at 4.7 yuan. Bank of Communications and Industrial and Commercial Bank of China, whose financial statements are due for release this Thursday and Friday, rose 0.42 percent to 4.74 yuan and 0.23 percent to 4.31 yuan respectively.
Brokers were among the biggest losers today as five companies have so far reported earnings slumps of more than 40 percent for 2011, which saw the key index plunge more than 21 percent.
Haitong Securities shed 0.11 percent to 9.03 yuan. Everbright Securities tumbled 2.41 percent to 12.14 yuan.
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