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Chinese stocks rose for a third straight day on Oct. 15, driven by robust earnings, stronger-than-expected September lending data and the Dow climbing above 10,000 points for the first time since Oct. 7, 2008.Citic Securities Co. said on Oct. 15 that the market is entering a “key transition period” from the consolidation that started in early August, and shares were due to rise further.
The benchmark Shanghai Composite Index edged up 0.31 percent to 2,979.79 points after briefly passing the psychologically significant 3,000-point level in early morning trade. Turnover in Shanghai was about 113.2 billion yuan, compared with the five-day average of 109.1 billion yuan. Gainers led losers nine to eight.
The Shenzhen Component Index was up 0.29 percent to 12,010.18 points, with gainers leading losers five to three. Turnover was about 66.4 billion yuan, compared with the five-day average of 61 billion yuan.
The People's Bank of China reported on Oct. 14 that new loans in September were 516.7 billion yuan, much higher than the 300 billion to 400 billion yuan forecast by a top banking official and earlier estimates of 455 billion yuan by 14 economists in a Caijing survey.
Brokers led the indices' gains, with Guoyuan Securities (SZSE: 000728) up 4.76 percent to 20.26 yuan, after saying its third-quarter net profit might have soared almost 800 percent from a year earlier to 330 million yuan.
Hongyuan Securities (SZSE: 000562), the country's third-largest broker, rose 3.49 percent to 20.18 yuan after saying its third-quarter net profit probably grew 420 percent year-on-year to 386.1 million yuan on strong brokerage business, equity holding gains and increased share offers.
Northeast Securities (SZSE: 000686) rose 1.95 percent to 39.20 yuan on estimated third-quarter profit of 148 million yuan, up 11,740 percent year-on-year.
Home appliance makers advanced on encouraging figures from Hefei Meiling Co. (SZSE: 000521), a leading manufacturer of refrigerators, which estimated its net profit for the first nine months jumped 840.5 percent year-on-year to 180 million yuan.
The company cited rising sales and investment gains for the surge, and its shares climbed by the 10 percent daily limit to 7.79 yuan.
Elec-Tech International Co. (SZSE: 002005), which produces kitchenwares and small home appliances, climbed by the 10 percent daily limit to 12.74 yuan. The firm said on Oct. 14 it planned to sell 160 million new shares via a private placement to raise about 1.52 billion yuan, which will go to a new subsidiary that makes light-emitting diode lights.
Meanwhile, the China Electricity Council said on Oct. 15 that September power consumption rose 10 percent year-on-year to 322.4 billion kilowatt hours. The growth rate was the fastest since June 2008 and indicated continued economic recovery, it said.
The data helped lift coal and electricity shares, with China Shenhua Energy (SSE: 601088), the country's largest coal power company, up 1.77 percent to 34.49 yuan.
Huadian Power International Corp. (SSE: 600027) added 0.57 percent to 5.31 yuan, after it said power generation grew 3.08 percent year-on-year in the first three quarters to 144.7 billion kilowatts.
Meanwhile, Poly Real Estate Group (SSE: 600048) was up 1.57 percent to 26.57 yuan, after reporting 32.3 billion yuan of sales in the first three quarters, up 165.2 percent year-on-year.
China International Travel Service Corp. (SSE: 601888), the country's largest travel agency, soared 46.01 percent to 17.08 yuan on its debut in Shanghai.
Industrial Securities analyst Zhang Yidong said stocks are likely to keep rising in the near term, but the market could be fairly volatile, partly due to increased share offers.
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