Market hits 3-month high

10:50, August 20, 2010      

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China's key stock index ended up 0.8 percent Thursday, its highest close in more than three months, with gains in banks and energy stocks pushing the index above key resistance, after the authorities said local government debt risks were under control.

  The Shanghai Composite Index closed at 2,688.0 points, after breaking above 2,680, from where the index tumbled 13.7 percent from late May to early July.

  Banks led the gains after two major lenders reported strong first-half results Wednesday.

  China Merchants Bank gained 2.2 percent to 14.19 yuan ($2.09) after it reported a bigger-than-expected 60 percent rise in first-half net profit.

  And Bank of Communications, which was suspended from trading in Shanghai on Thursday because of a shareholder meeting, reported a 30 percent increase in first-half profit.

  China Everbright Bank rose 1.1 percent to 3.70 yuan ($0.54) on its second day of trading.

  Agricultural Bank of China ended flat at 2.69 yuan ($0.40). China Construction Bank gained 0.8 percent to 4.82 yuan ($0.71).

  China Shenhua Energy gained 4.5 percent to 25.49 yuan ($3.75) and PetroChina added 1.8 percent to 10.58 yuan ($1.56).

  Volume picked up to 133 billion yuan ($19.58 billion) from 128 billion yuan ($18.85) Wednesday.

  Gaining Shanghai shares outnumbered losers 444 to 414.

Source: Global Times


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