[posting]32198298[/posting]ICBC shares may rise again despite last week's slump
Updated: 2007-11-05 Source:China Knowledge
After hitting a record high of HK$7.49, the Industrial and Commercial Bank of China (ICBC)<601398><1398> has reportedly dropped 8.8% for the third consecutive day, closing at HK$6.83 on Friday.
The drop was fueled by a sale of 68 million shares by the bank's largest single H-shareholder, the National Social Security Fund (NSSF), at HK$7.043 on average. NSSF still holds 20.93% of ICBC H-shares after the sale.
While ICBC is China's largest commercial bank, sources report that its inefficient front line service has cost it clients who prefer smaller banks such as China Merchant Bank (CMB)<600036><3968>, which allows customers to use self-service machines and the Internet for a variety of transactions.
While ICBC's third quarter earnings soared 76% to hit RMB 22.46 billion, CMB reported a 128% spike during the same period, the highest among Chinese banks. ICBC is reportedly undergoing a massive IT service upgrade, which will hopefully see the end of its infamous snaking queue.
ICBC's latest purchase of 20% stake in Africa's Standard Bank is also expected to boost its overseas expansion.
http://www.marketavenue.cn/upload/NEWS_20124.htm
bin ich hier alleinunterhalter ??
wer ist noch da und investiert ??
