China markets soar on financials and steel
China markets shot up today, with Hong Kong rebounding from yesterday's losses with a 3.66 percent rise and Shanghai jumping up 2.1 percent to a 13-month closing high. The Hong Kong H-shares' China Enterprises Index rose 3.62 percent.
Financials and steels shares led the rise after Wall Street's rally overnight and Baosteel said it would raise steel prices by 9 to 13 percent next month.
HSBC (HK:0005) soared 4.4 percent. China Construction Bank (HK:0939) rose 3.3 percent. Bank of China (HK:3988) rose 4.1 percent. ICBC (HK:1398), China's biggest lender, was up 2.6 percent.
Baosteel (SH:600019) rose 3.5 percent. Liuzhou steel (SH:601003) rose to the 10 percent ceiling. Wuhan Iron and Steel (SH:600005) rose 8.14 percent.
Coal shares also rose. Shanxi Guoyang New Energy (SH:600348) rose to the 10 percent ceiling. Shanxi Lu'an Environmental Energy Development Co. (SH:601699) rose 8.1 percent.
Insurance shares rose across the board. China Pacific Insurance (Group) (SH:601601) rose 6.09 percent. China Life Insurance Company Limited (SH:601628, NYSE:LFC, HK:2628) rose 4.82 percent. Ping An Insurance (601318.SS) climbed 8.94 percent as it announced that premium incomes rose 36 percent in the first half of 2009.
China's Ministry of Finance announced Monday that the country's fiscal revenue in June rose 19.6 percent year on year to 686.75 billion yuan (100.5 billion U.S. dollars).
Fiscal revenue up 19.6 percent in June
Fiscal revenue was up 19.6 percent in June year-on-year, despite an overall drop in revenue from the first have of the year, in another possible sign of China's recovering economy.
The largest growth in tax income came from sales tax, which rose 63.1 percent year-on-year in June. Business tax revenues rose 6.4 percent.
June's fiscal growth rate was also 14.8 percent higher than May.
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