SHARES in Shanghai rose yesterday, led by the rebound by brokers and rosy performances of Baosteel and Bank of China.
The benchmark Shanghai Composite Index advanced 1.40 percent to end at 3,523.41 yesterday. Gainers outnumbered decliners 553 to 213 while 85 stocks were flat.
Among the advancers were financial players, including Hongyuan Securities Co which rose 4.85 percent to 28.09 yuan (US$4.01) and China Citic Securities Co up 4.9 percent to 36.84 yuan. Haitong Securities Co surged 7.02 percent to 48.17 yuan.
Baoshan Iron & Steel said its first quarter profit rose 16 percent to 4.26 billion yuan, better than market expectations. The news boosted its shares 2.25 percent to 13.19 yuan yesterday.
Bank of China, the country's third biggest lender, said first quarter profit soared 85 percent to 21.7 billion yuan on lower tax and loan growth. These offset the bank's US$203 million losses on investments linked to the United States subprime mortgage crisis.
The Beijing-based lender jumped 2.41 percent to 5.09 yuan.
Industrial & Commercial Bank of China, the country's biggest lender, rose 1.42 percent to 6.45 yuan. But China Merchants Bank lost 0.48 percent to 33.48 yuan.
"The market rose today (Tuesday) and dropped on Monday, indicating a consolidation of last week's surge," said Wan Bin, a GF Securities Co analyst.
Hong Hanhua, a Huiyang Investment Co analyst, said the previous correction lured funds into the market. He sees investment opportunities in agricultural, brokerage and tourism stocks.