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Shares edge up on strong Q3 earnings

    Shanghai stocks closed slightly higher yesterday after third-quarter financial reports showed companies posted solid earnings growth.

    The Shanghai Composite Index edged up 0.22 percent to close at 3,388.25 points.

    “About 100 Shanghai-listed companies have disclosed third-quarter earnings, with combined net profit jumping 47 percent from a year earlier, according to the official Shanghai Securities News,” Reuters said yesterday.

    Their third-quarter reports showed that total revenue of the 100 companies was over 450 billion yuan (US$67.9 billion) from January to September, up 20 percent year on year. Their net profit, meanwhile, was 50 billion yuan during the same period, up 47 percent annually.

    Analysts also said insurance companies are likely to report robust earnings growth in third-quarter financial reports.

    “Insurers’ operating figures are set to be positive after the release of the third-quarter financial reports,” Dai Zhifeng, analyst at Zhongtai Securities, said.

    Investors also cheered up after the People’s Bank of China again boosted liquidity by injecting 250 billion yuan (US$37.7 billion) into the financial market via reverse repurchase agreements, said a statement on its official website.

    Poly Real Estate Group Co Ltd added 2.96 percent to 10.80 yuan (US$1.63), Soochow Securities Co Ltd gained 2.12 percent to 11.54 yuan and New China Life Insurance Co Ltd rose 1.91 percent to 59.80 yuan.