Kontak Perkkasa - Bloomberg (23/10) -- China’s stock-index
futures rose after Ping An Bank Co. posted a jump in net income and ZTE
Corp. estimated a return to profit for the year.
Futures on the CSI 300 Index expiring in
November added 0.4 percent to 2,452.20 as of 9:19 a.m. ZTE may gain
after reporting a third-quarter profit of 241.6 million yuan. Ping An
Bank may advance after net income climbed 20 percent in the third
quarter. Poly Real Estate Group Co. may lead declines for developers
after the China Securities Journal reported the government may issue new
property curbs in the fourth quarter.
The Shanghai Composite Index dropped 0.8
percent to 2,210.65 yesterday. The CSI 300 Index slid 1 percent to
2,445.89. The Hang Seng China Enterprises Index retreated 0.1 percent.
The Bloomberg China-US Equity Index fell 0.1 percent.
China’s listed companies are required to release third-quarter earnings by the end of the month.
The nation’s biggest banks tripled the
amount of bad loans written off in the first half, cleaning up their
books ahead of what may be a fresh wave of defaults.
Industrial & Commercial Bank of
China Ltd., the world’s most profitable lender, and its four largest
rivals expunged in the first six months 22.1 billion yuan ($3.65
billion) of debt that couldn’t be collected, up from 7.65 billion yuan a
year earlier, filings showed. That didn’t pare first-half profits,
which climbed to a record $76 billion, as provisions were set aside in
earlier periods when the loans began souring.
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Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 10:34 AM
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