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Lenders, industrial firms lead rise in shares

(China Daily/Agencies)
Updated: 2010-03-25 10:07

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SHANGHAI - Mainland stocks rose, led by lenders and industrial companies, on Bank of China's more-than-fourfold surge in earnings and reports of government plans to speed up the development of the country's inland areas.

Bank of China, the nation's third-largest lender, gained 1.7 percent to 4.22 yuan (62 cents) as a credit boom fueled profit. Industrial & Commercial Bank of China Ltd climbed 0.6 percent to 4.88 yuan.

Inner Mongolia Lantai Industrial Co surged to a two-week high after the National Business Daily reported the State Council may approve an economic development plan for the region next month. Baoshan Iron & Steel Co led declines for steelmakers on concern that iron ore costs will rise.

"Economic and earnings growth are going to be relatively good this year," said Phillip Chan, director of institutional equity sales at Shenyin Wanguo HK Ltd. "Financials look attractive and valuations are not demanding."

The Shanghai Composite Index gained 3.68, or 0.1 percent, to 3056.81 at the close.

Wuhan Sanzhen Industry Holding Co, a water supplier based in central Hubei province, surged to the 10 percent daily limit to 10.51 yuan.

The Hubei provincial government is considering a 12- trillion yuan ($1.75 trillion) spending plan to improve infrastructure, enhance irrigation and develop a modern services industry, the 21st Century Business Herald said.

Hong Kong's Hang Seng Index gained 0.1 percent to close at 21008.62. The Hang Seng China Enterprises Index advanced 0.2 percent to 12048.63.