标题: Shanghai Index Up on Strong Earnings, Positive Economic Outlook [打印本页] 作者: 飞雪寒冰 时间: 2009-10-20 09:23 标题: Shanghai Index Up on Strong Earnings, Positive Economic Outlook Chinese stocks rose on Oct. 19, buoyed by strong corporate earnings and a positive economic outlook. The benchmark Shanghai Composite Index rose 2.07 percent to 3,038.27 points, led by developers and miners.
The index has gained 10.3 percent since Sept. 30, driven by better-than-expected third-quarter earnings and strong September bank lending.
"Even though short-term corrections are possible, the rising trend will continue this time," said Song Xi, an analyst at United Securities in Shenzhen.
Positive sentiment boosted turnover in Shanghai to 143.4 billion yuan, compared with the five-day average of 119.8 billion yuan. Gainers led losers 873 to 29.
The Shenzhen Component Index rose 3.74 percent to 12,483.26 points, with gainers leading losers 793 to 27. Turnover was about 88.1 billion yuan, compared with the five-day average of 69.2 billion yuan.
China's gross domestic product grew more than 7 percent in the first nine months and the country is on track to meet its 8 percent target for the year, said an official from the National Development and Reform Commission on Oct. 19.
The official GDP figure for the first three quarters and other key economic numbers will be released on Oct. 22.作者: 飞雪寒冰 时间: 2009-10-20 09:23
"The market rally was built mainly on investors' optimism over economic data and corporate earnings," said an analyst at TX Investment Consulting Co. in Shanghai, who asked not to be identified.
Wuliangye Yibin Co. (SZSE: 000858), the premium liquor distiller, gained 2.66 percent to 21.98 yuan, after reporting a 136.6 percent year-on-year rise in third-quarter net profit to 695 million yuan.
The company remains under investigation by regulators on charges that it falsified its earnings in 2007 and failed to disclose significant investment losses.
Real estate stocks were among the biggest gainers, after Chen Huai, director of the policy research center at the Ministry of Housing and Urban-Rural Development, denied media reports the government planned a new policy that would provide more low-income housing. According to these reports, the government would offer land at lower prices to developers building such housing and set caps on the price of the units.
Dai Fang, an analyst with Zheshang Securities in Shanghai, said such a policy would cause supply-demand imbalances and hurt developers.
Poly Real Estate Group (SSE: 600048) gained 4.94 percent to 28.02 yuan. On Oct. 16, it said sales for the first nine months soared 165.2 percent to 32.3 billion yuan.作者: 飞雪寒冰 时间: 2009-10-20 09:24
Shanghai Dingli Technology Development Group Co. (SSE: 600614) rose 2.24 percent to 7.77 yuan, after saying on Oct. 17 that net profit for the first three quarters probably grew 80 percent year-on-year to about 67 million yuan.
Miners gained after metal futures rose on the Shanghai Futures Exchange. Yunnan Copper Co. (SH 000878) climbed the 10 percent daily limit to 30.83 yuan, after copper for December delivery rose 1.21 percent to 49,500 yuan per metric ton.
Robust earnings drove pharmaceutical stocks higher, with Southwest Pharmaceutical Co. (SSE: 600666) surging 7.25 percent to 9.17 yuan, after reporting third-quarter net profit rose 19.62 percent year-on-year to 11.68 million yuan.
Harbin Pharm Group Sanjing Pharm Co. Ltd. (SSE: 600829), a leading over-the-counter drug maker, gained 3.05 percent to 18.25 yuan, after reporting third-quarter net profit rose 12.49 percent year-on-year to 80.11 million yuan.