China A-shares end morning up; power stocks rise before Yangtze listing-UPDATE
A-shares in Shanghai and Shenzhen ended the morning session higher, led by power stocks, as the upcoming listing of China Yangtze Power Co sparked interest in the sector, dealers said.
The continued strength in the B-share markets, as well as gains in H-shares, also provided support for the A-share boards, they added.
The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, rose 3.58 points to 1,351.88 on 2.74 bln yuan after trading between 1,339.96 and 1,354.52.
Power generators led advancers at the midday break, lifting the drowsy broader market off a negative opening, dealers said.
""(Interest in power stocks) may be triggered by the floating of Yangtze Power,"" said Haitong Securities analyst Zhang Qi.
China Yangtze Power, a listing vehicle of the Three Gorges Dam hydroelectric project, began to receive subscriptions from institutional investors today for about half of its total 10 bln yuan initial public offer.
Topping gainers in Shanghai, Hunan Huayin Electric Power Co Ltd (SHA 600744) rose 0.38 yuan to 4.75, while Chongqing Three Gorges Water Conservancy and Electric Power Co Ltd (SHA 600116), a minor generator in the Three Gorges area, was up 0.56 yuan at 7.24.
Huaneng Power International Inc (SHA 600011; HK 0902; NYSE HNP) was flat at 15.40 yuan.
Analysts said that the consecutive surges in B-shares and H-shares will also likely support the A-share markets, given the country's booming economic growth and its benefits to listed firms.
""Many low-priced large-caps are set to have their day soon, just as their B-share and H-share counterparts,"" said Sun Qingpeng, a United Securities analyst.
""I think the market is very close to an end of an irrational declining streak, although Yangtze Power's listing may cause some liquidity strain in the near term,"" he added.
Among other large-caps, China United Telecommunications Corp Ltd (SHA 600050) was up 0.06 yuan at 3.40, while Shenzhen Development Bank Co Ltd (SZA 000001), which is still mired in a dispute with US-based Newbridge Capital, fell 0.08 yuan to 8.06.
The Shanghai A-share Index closed the morning session up 3.03 points at 1, 413.81 on turnover of 2.49 bln yuan and the Shenzhen A-share Index added 0.23 points to 379.28 on 0.90 bln yuan.
The Shanghai 180 Composite Index climbed 6.63 points to 2,598.83.
The FTSE/Xinhua China A 200 Index rose 9.57 points to 3,378.33 and the FTSE/Xinhua China A 600 Index was up 3.84 points at 2,929.59.
(1 usd = 8.3 yuan)
沪深A股早上收市 - 电力股造好带动大盘收升
交易员称, B股和香港H股继续上扬带动沪深A股上涨, 电力股领涨, 市场预期长江电力上市将带动电力股上扬。
涵盖沪市A股和B股的上证指数升3.58点, 报1,351.88点, 成交27.4亿人民币, 波动区间为1,339.96至1,354.52点。
上证A股指数涨3.03点, 报1,413.81点, 成交24.9亿; 深证A股指数微涨0.23点, 报379.28点, 成交9.0亿。
上证180指数上涨6.63点, 报2,598.83点。
新华富时A200指数升9.57点, 报3,378.33点, 新华富时A600指数涨3.84点, 收报2,929.59点。