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Mainland equities extend their lead

By Louise Ho (Global Times)

08:39, January 30, 2013

Stock markets in Shanghai and Shenzhen followed up Monday's explosive rally with more muted gains Tuesday as trading sentiment continued to improve.

The benchmark Shanghai Composite Index finished at an eight-month high of 2,358.98 after surging 12.47 points, or 0.53 percent; while the Shenzhen Component Index edged up 85.74 points, or 0.89 percent, to close at a six-month high of 9,704.66.

Combined trading volume at the two exchanges totaled 233.6 billion yuan ($37.53 billion) Tuesday, up from Monday's 211 billion yuan.

The two indices sagged in early trading as banking stocks stumbled. Surges in the property, securities and coal sectors helped the markets recover their footing later in the day and afternoon advances in financial shares carried both markets well into positive territory by the closing bell.

The banking, coal and nonferrous metals sectors were also among Tuesday's biggest winners. China Minsheng Banking Corp rose 2.60 percent to 10.26 yuan. Shanxi Coal International Energy Group Co gained 4.38 percent to 21.91 yuan. Shantou Wanshun Package Material Stock Co increased 9.14 percent to 11.10 yuan.

Among individual stocks, Beijing's Datang Telecom Technology Co climbed above the daily limit to 10.23 yuan after announcing Tuesday that it expects its net profit for 2012 to increase 500 percent compared to the year earlier following the company's reorganization in October.

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