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Chinese shares jumped 1.57 percent on Tuesday to end at a five-year closing high, as the third-quarter corporate reporting season ended with unexpectedly robust earnings. Airline stocks were strong on lower oil prices.
The benchmark Shanghai composite index closed at 1,837.993 points. Turnover in Shanghai A-shares was a moderately active 24.6 billion yuan ($3.1 billion), up from 22.9 billion yuan on Monday.
"It's time for the index to rise after hovering around 1,800 points for quite a few days, as the reporting season ends with some big firms' good results today," said Zheng Weigang, an analyst with Shanghai Securities.
Among them, index heavyweight Sinopec Corp surged 6.28 percent to 6.43 yuan after it said on Tuesday its third-quarter earnings rose 55.8 percent. The share price drew closer to its mid-September levels, before the company compensated its A-share holders with 2.8 shares for every 10 shares held for its state-share reform, which led to a 20 percent plunge when the stock resumed trading after the national holiday in early October.
Some analysts have expected Sinopec to earn more in the long term with lower global oil prices. Analysts noted that third-quarter earnings had removed some concern over the longer trend in corporate earnings. China's 1,401 listed firms saw their combined net earnings jump 21.89 percent in the first nine months from a year ago, state media calculated.
Air China soared its daily 10 percent limit to a record high of 4.20 yuan, while China Southern Airlines gained 9.82 percent to a 17-month high of 3.58 yuan. Global oil prices fell nearly 4 percent to below $59 on Monday.
China Vanke Co, the country's biggest listed property developer, rose 2.37 percent to 8.19 yuan after it said late on Monday that its third-quarter net profit surged 80 percent despite government measures to cool the property market.

Copyright Reuters, 2006

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