Buffett made money on PetroChina. Is he also looking at Chinese banks? Shares of China Merchants Bank (3968) and Bank of Communications (3328) climbed Tuesday to all-time highs since listing, as heavy trading in warrants drove the lenders. China Merchants Bank, the mainland's sixth-largest lender, closed at HK$11.72, the highest since its September 22 listing and a jump of 6.74 percent from Friday's close. A total of 209 million shares changed hands.
Bank of Communications (3328), the fifth-largest lender by assets, climbed to HK$5.72 Tuesday, also a new high since its trading debut. The stock was up 2.19 percent or 12 HK cents, with 87 million shares traded. Turnover amounted to HK$487 million.
There was also heavy trading in China Construction Bank (0939) and China Merchants Bank shares, with transactions amounting to HK$3.6 billion and HK$2.39 billion. In terms of total turnover on the day, the two banks ranked one and two by value.
A rumor about a well-known US billionaire was a catalyst for heavy trades. "There was a rumor that Warren Buffett is eyeing China Merchants Bank and this boosted sentiment," a broker said.
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Bank of Communications (3328), the fifth-largest lender by assets, climbed to HK$5.72 Tuesday, also a new high since its trading debut. The stock was up 2.19 percent or 12 HK cents, with 87 million shares traded. Turnover amounted to HK$487 million.
There was also heavy trading in China Construction Bank (0939) and China Merchants Bank shares, with transactions amounting to HK$3.6 billion and HK$2.39 billion. In terms of total turnover on the day, the two banks ranked one and two by value.
A rumor about a well-known US billionaire was a catalyst for heavy trades. "There was a rumor that Warren Buffett is eyeing China Merchants Bank and this boosted sentiment," a broker said.
Read the complete article
