Biz Scene: Market

China Daily | Updated: 2007-07-19 06:44

Stocks rise

China's main stock index closed up 0.87 percent yesterday, led by financial and property shares. The Shanghai Composite Index closed at 3,930.06 points. Companies with large Chinese-currency assets, such as property developers and banks, led the gains because of the fast yuan appreciation. China Vanke closed up 3.76 percent at 23.47 yuan. China Life Insurance gained 4.73 percent to 49.20 yuan.

Bank profit up 41%

Bank of Ningbo Co Ltd said its unaudited first-half profit rose 41 percent on increased loans to local companies. Net income rose to 382.8 million yuan, or 0.19 yuan a share, in the six months from last year's 271.6 million yuan, or 0.15 yuan a share.

The bank raised 4.14 billion yuan from a 450-million share initial public offering last week and its listing on Shenzhen Stock Exchange begins today.

Nod to purchase deal

Sichuan Changhong Electric Co, China's second-largest TV maker, said its parent company received government approval to buy a 20 percent stake in refrigerator and air-conditioner maker Hefei Meiling Co. Changhong and its parent, Sichuan Changhong Electrical Group Co, will pay 175.6 million yuan for 82.9 million shares of Meiling, bought from Guangdong Greencool Enterprise Development Co.

(China Daily 07/19/2007 page15)