Stocks News
- Juicy half-year earnings drive Chinese shares to record high
Date: 3-Sep-2007 Sources: (Xinhua Online)
BEIJING, Aug. 31 (Xinhua) -- Chinese shares continued its upward trend to close at all-time high on Friday as profitable half-year corporate earnings buoyed market sentiment.
The benchmark Shanghai Composite Index rose 0.99 percent to close at 5,218.8 points, the first time the index rises above 5,200 points.
The smaller Shenzhen Component Index rose 1.21 percent, or 212.85 points, to end the day at 17,872.11 points.
The combined turnover of the two bourses stood at 246.1 billion yuan (32.4 billion U.S. dollars) on Friday, slightly higher than 242.5 billion yuan (31.9 billion U.S. dollars) recorded a day earlier.
Almost all companies listed on China's two stock exchanges --1,471 out of 1,503 -- recorded combined net profits of 319.1 billion yuan (42.2 billion U.S. dollars) for the first half of this year as shown in their interim reports, up 70.78 percent year-on-year, China Securities Journal reported on Friday.
Deducting new offerings, these companies registered a weighted average earnings per share of 0.22 yuan for the first six months, as against the 0.134 yuan for the same period of last year.
Airlines and Steel companies performed well, with Air China, one of the country's leading airline companies, rose to the 10-percent daily limit to close at 19.2 yuan and An steel rose 3.37percent to end at 34.4 yuan.
The Hushen 300 Index reflecting the performance of China's Shanghai and Shenzhen stock exchanges closed at 5,296.81 points on Friday, up 55.59 points, or 1.06 percent, from the previous close.
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