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People's Daily Online>>China Business

Market rebounds on prospect of encouraging reports

By Hu Xiaocen (Shanghai Daily)

14:39, January 05, 2012

Shanghai's stock market rebounded from its loss yesterday, the first trading day of 2012, on the prospect of better-than-expected performances of listed companies in 2011.

The key stock index edged up 0.32 percent or 6.98 points to 2,176.37 points in the morning trading with a turnover of 23.8 billion yuan (US$3.76 billion). Financials led the climb with a jump of 1.41 percent.

A total of 855 A-share companies have published initial reports of their 2011 business performance as of January 4 and 576 of them posted a profit growth, representing 67 percent of the total, including 44 that even doubled their net profits last year, according to the Shanghai Securities News.

Shanghai Pudong Development Bank, the first bank to publish a notice of its 2011 performance, recorded a 42.02 percent jump in net profit to 27.2 billion yuan (US$4.3 billion) and its earnings per share stood at 1.46 yuan, up 18.7 percent from 2010.

The stock price of SPDB outperformed the key index by a jump of 3.8 percent to close at 8.73 yuan before the noon break.

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