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��Home>>Business
Chinese shares rise 2.69% on Monday
www.chinanews.cn 2007-07-10 09:27:23
(Source: Xinhua)
BEIJING, July 10 - Chinese shares closed 2.69 percent higher on Monday
after the government imposed restrictions last Friday on the sale of
state-owned shares, allaying fears that large stock sales may hurt the
stability of the market.
The benchmark Shanghai Composite Index, which covers A and B shares
listed on the Shanghai Stock Exchange, rose 2.69 percent, or 101.87
points, to close at 3,883.22 points.
The component index of the smaller Shenzhen Stock Exchange was up 451.06
points or 3.64 percent, to 12,846.41 points.
The combined turnover of the two bourses rose to 159.7 billion yuan (20.7
billion U.S. dollars) from 145.7 billion yuan on the previous trading
day, indicating the market continued to regain public confidence
following the 5.25 percent drop on July 5.
China's central bank vice governor Wu Xiaoling said at the weekend that
the country's monetary policy was not directly targeting the stock market
or the real estate sector, which was also believed by analysts to have
helped stabilize the market sentiment.
Only 50 stocks declined in value, while 50 stocks went up by the maximum
ten percent, except for stocks under "special treatment" in companies
that have failed to report profits for two consecutive years.
Heavyweight bank stocks recorded the highest rise, with the Industrial
and Commercial Bank of China up 2.13 percent to close at 5.27 yuan, and
the Bank of China up 1.6 percent to 5.07 yuan.
China Merchants Bank surged 6.68 percent, while both Shenzhen Development
Bank and Fujian-based Industrial Bank gained four percent.
Stocks in the real estate, metallurgical and pharmaceutical sectors also
performed well.
The Hushen 300 Index, which tracks 300 companies on the Shanghai and
Shenzhen stock exchanges, closed at 3,821.30 points, up 111.02 points, or
2.9 percent.
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