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Shanghai shares edge up on pre-holiday earnings reports
April 30, 2014 / 7:11 AM / in 4 years

Shanghai shares edge up on pre-holiday earnings reports

BEIJING, April 30 (Reuters) - Shanghai shares inched up on Wednesday after winners slightly outnumbered losers in a flood of first-quarter results released before the market closes for a two-day holiday.

The Shanghai Composite Index ended up 0.3 percent at 2026.36 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings ended flat.

For April, the SSEC was down 0.3 percent while the CSI300 was up 0.6 percent.

The CSI300 healthcare subindex gained 1.4 percent on Wednesday. Yunnan Baiyao Group Co Ltd jumped 2.8 percent after posting a 34 percent year-on-year increase in Q1 profit.

Shares in Industrial and Commercial Bank of China Ltd (ICBC) declined 0.3 percent even as it beat estimates with a near 7 percent rise in first-quarter net profit.

The “Big Four” banks all posted expectation-beating first quarter results, but investor reaction has been muted, as concerns remain about bad loans and competition from online wealth management products.

The Shanghai and Shenzhen stock exchanges will be closed on Thursday and Friday. (Reporting by Natalie Thomas; Editing by Richard Borsuk)

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