(Yicai Global) Aug. 11 -- China's mainland stock markets began the day higher this morning as banking stocks led the chargers.
The Shanghai Composite Index opened almost flat, a mere 0.01 percent higher at 3,379.49. The Nasdaq-style Star Market Board 50 Index slid 0.26 percent to 1,531.6.
The Shenzhen Component Index stood at 13,668.31, up 0.08 percent. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, inched up 0.18 percent to 2,740.15.
Banking shares had risen 3 percent overall as of 10.00 a.m. Bank Of Chengdu [SHA:601838] soared to the price ceiling to stop trading at CNY9.93 (USD1.42).
Under the principle of prudent operation, Chinese banks continued to increase their Provisioning Coverage Ratio in the second quarter, and the provision-to-loan ratio rose to 3.54 percent per quarter, its highest level since 2014, showed in Zhongtai Securities' report about the sector’s semi-annual financial results.
Editor: Ben Armour