China’s stock market gains fifth straight session Friday to close at one-month high, as U.S. stocks rose across the board overnight, and the market is still expected first half earnings will be strong performance.
The Shanghai Composite index closed up 9.62 points to 2572.03 points, or 0.4%, to June 22 to close at 2588.70 points, its highest level since. Shenzhen Composite Index rose 3.24 points to 1039.02 points, or 0.3%.
The Shanghai Composite Index gained 6.0% this week, the highest since last December biggest weekly gain.
China’s four stock index futures contracts traded in August 2010 the most active contract closed up 0.3%, to 2782.2 points.
CSI 300 stock index futures to the underlying index. CSI 300 index closed up 0.4%, to 2793.08 points.
Analysts said the Shanghai Composite Index in the 2700 point level of experience mental spaces resistance, and large volumes because the market is expected later this year, the Chinese government to take further measures to support economic growth.
Shenyang Orient Securities analyst, said investors in the interim results of some listed companies have the confidence index for the time being to maintain the gains so.
Agricultural Bank of China closed up 2.9% to 2.81 yuan, to July 15 the highest level since listing; therefore the information disclosed before the Stock Exchange, Morgan Stanley holdings of Agricultural Bank of China’s H shares. Other banking stocks were harvested gains. China Merchants Bank rose 0.9%, to 14.27 yuan; Bank of China rose 0.6% to 3.57 yuan.
Huatai Securities analyst Chen Huiqin Speaking of China Everbright Bank IPO likely to be carried out company have on the impact of market liquidity that the market was very rational, IPO transactions in response to the awful not particularly pessimistic, especially given its size much smaller than the scale of the Agricultural Bank of IPO.
A person familiar with the Dow Jones Newswires reported that the China Everbright Bank plans to launch next month, the long-delayed IPO trading, financing of up 20 billion yuan. China Securities Regulatory Commission said it will review next week for the bank’s IPO.
Coal stocks were higher, mainly due to the market this summer will increase energy use is expected to push. Shanxi Xishan Coal & Electricity Power rose 1.1% to 22.10 yuan; China Shenhua Energy rose 1.0% to 23.24 yuan.
Real estate stocks extend gains as financial information website NetEase Thursday, according to reports, the Chinese Ministry of Finance preliminary planning in 2012 a number of pilot cities in the levy of property tax. Investors had previously expected the central bank later this year or next year in the pilot cities levy property tax.
Shenyang Orient Securities analyst, said the postponement of property tax in the news as well as market tightening supervision, the government may be expected to relax all means, real estate and related stocks to extend gains in the short term.
China Vanke rose 0.6% to 8.00 yuan, the stock closed Thursday up 2.6%; Poly Real Estate Group rose 0.2% to 12.38 yuan, the stock rose 4.5% the previous day.