Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
Chinese shares rise 1% in morning session
Adjust font size:

Chinese shares gained on Thursday morning after losing 2.94 percent from previous close, boosted by 6 percent rebound in the Hong Kong market.

The benchmark Shanghai Composite Index closed at 1,739.81 points, up 20 points or 1.16 percent from the previous finish.

The smaller Shenzhen Component Index ended at 5,885.41 points, up 86.75 points, or 1.50 percent.

The central bank announced interest rate cut by 0.27 percentage points on Wednesday night to spur economic growth amid fears of a global recession that would hit its vital exports.

It was the third such moves in six weeks which highlighted government's resolution to stimulate domestic consumption and bolster the recessive stock and property market.

However, analysts remained cautious about the positive impacts of the rate cuts. "Relaxed monetary policy can not boost the stock market without the coordinated efforts of the proactive fiscal policy. The direct positive impacts of rate cuts will be limited." according to a report released by the Shengde Securities.

Up to 70 percent of the property shares increased following the government boost measures. China Vanke was up 2.54 percent to 6.05 yuan (US$0.88). Poly Real Estate Group Co. closed 2.54 percent higher at 14.15 yuan.

Securities shares led the gains after China Securities Regulatory Commission clarified that the pilot plan of margin trading and short selling was still underway. Citic Securities rose 4.13 percent to 18.41 yuan. Haitong Securities climbed 2.57 percent to 19.96 yuan.

Coal stocks gained after crude prices rose more than 7 percent to US$67.50 in New York Merchantile Exchange on Wednesday. China Shenhua, the country's major coal producer was up 3.51 percent to 17.42 yuan. Datong Coal Industry closed at 11.90 yuan, up 6.25 percent.

Gainers outnumbered losers by 459 to 353 in Shanghai and 405 to 294 in Shenzhen.

(Xinhua News Agency October 30, 2008)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- China buys share in Areva mining
- Chinese share Olympic pride: Los Angeles Times
- China shares tumble 4.25% on gloomy corporate earning reports
- Chinese shares open sharply higher
- Chinese shares plummet 3.44% in morning session
- Sinopec parent announces not to sell 4.3 bln non-tradable shares
Most Viewed >>
- Rates cut again to spur growth
- China's slowdown may last 3 years
- Financial meltdown hurting Chinese farmers
- Animal feed blamed for tainted eggs
- China to expand domestic demand
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?