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Higher profits at China's listed companies will continue to drive the A share market in 2007, said a market analysis report issued Friday by ICBC Credit Suisse Asset Management Co. Ltd.

 

The report said it is optimistic about the middle to long term performance of the A shares market, especially with continuing revaluation pressures on the RMB yuan.

 

It said capital markets usually perform best when the economy is experiencing sustained high growth and a low level of inflation. The gradual appreciation of the yuan helps to counteract inflation and provide the conditions for long-lasting economic growth.

 

In addition, the on-going share-holding reform, which aims to transform state-owned shares into tradable public shares, has helped raise the quality of listed companies.

 

The report said that although the A share market has risen significantly over the past year, the profit growth of listed companies is not fully reflected in share prices. So the market could remain bullish next year.

 

Third quarter reports from 1,401 listed companies show that net profits for the first nine months went up 21.89 percent, and some market observers expect the figure to break 30 percent for the whole year.

 

The benchmark Shanghai composite Index, which hit a low of 998 points on June 6, 2005, broke a five-year high of 1900 points when trading opened today.

 

(Xinhua News Agency November 11, 2006)