Chinese A-Share Market Sees Robust Real Estate Stocks Amid Optimism
The Chinese A-share market experienced a significant boost on October 13, driven by robust real estate stocks and strong performances from resources and bank stocks. China Petroleum & Chemical Corporation (SHSE: 600028) saw a substantial increase in negotiable market cap after 57.088 billion restricted shares became tradable on October 12. This surge greatly influenced market sentiments, with the company gaining 1.2 percent the previous day. Furthermore, Industrial and Commercial Bank of China (SHSE: 601398) is poised to surpass the oil major and become the stock with the largest negotiable market cap on October 27.
Key Takeaways:
- China Petroleum & Chemical Corporation (SHSE: 600028) saw 57.088 billion restricted shares become tradable on October 12, propelling it to the top spot in terms of negotiable market cap on the Chinese market.
- The company gained 1.2 percent on the previous trading day, significantly influencing market sentiments.
- Industrial and Commercial Bank of China (SHSE: 601398) is set to surpass China Petroleum & Chemical Corporation and become the stock with the largest negotiable market cap on October 27.
- China Petroleum & Chemical Corporation and Industrial and Commercial Bank of China are both constituents of the SSE (Shanghai Stock Exchange) 180 Index, SSE 50 Index, CSI 300 Index, and CSI 100 Index, meaning index funds will need to adjust holdings accordingly.
- China SAFE Investments Limited increased its holdings in the country's three listed state lenders, driving bank stocks to perform strongly.
Statistics:
- China Petroleum & Chemical Corporation (SHSE: 600028) saw a 1.2 percent gain on the previous trading day.
- 57.088 billion restricted shares of China Petroleum & Chemical Corporation became tradable on October 12.
Sources:
- SinoCast Daily Business Beat, October 14, 2009.
- Comtex SmarTrend Alert, October 10, 2009.
- Comtex News Network, Inc.