The robust profit rise of Chinese listed companies is giving strong support to the bullish stock market, latest figures show.

According to information provided by a leading provider of Chinese financial data known as WIND, the 120 listed companies that have already publicized annual reports are showing an average increase of 84.85 percent in net profits last year.

The rise is an acceleration compared with the around 10-percent growth of listed companies in 2005. The high-speed growth is also rare in recent years.

The net profit of the 120 companies totaled 12.94 billion yuan (US$1.66 billion).

Meanwhile, another 71 listed companies have publicized their net profit figures that are yet to be audited, which totaled 20.205 billion yuan in 2006.

Talk of a bubble has been rife in the Chinese stock market, after the Shanghai Composite Index jumped about 130 percent last year and continued its bull run at the beginning of this year.

The satisfying profit figures of listed companies will relieve market concerns about over-evaluation of the A-share market and boost investors' confidence, analysts said.

The benchmark Shanghai Composite Index, which covers both A- and B-shares, added 76.79 points at 2,807.17 Monday. The index closed 0.88 percent higher Tuesday, extending Monday's sharp gains as property developers once more attracted support.

The Shanghai Stock Exchange now lists more than 840 companies and the Shenzhen bourse over 580, with a total market value around 10 trillion yuan.

(Xinhua News Agency February 14, 2007)