Friday, March 07, 2008

Chinese stocks book 1st rise in 3 days on Thursday

Chinese shares booked the first rise in three trading days on Thursday, buoyed up by the announcement of might-coming adjustment of the taxation policy in the capital market with financial stocks leading the rising trend.

The benchmark Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, rose 1.59% or 68.34 to 4360.99 points after fluctuating between 4427.50 and 4260.79 points during the whole day.

Similarly, the Shenzhen Component Index on the smaller Shenzhen Stock Exchange edged up 0.61% or 94.91 to 15696.13 points, after touching an intraday high of 15915.45 points.

The combined turnover on the two bourses rose slightly to RMB 197.9 billion from RMB 171.7 billion of the previous trading day.

China's second largest insurer, Ping An Insurance (Group) Co<601318><2318> led the financial sector to gain yesterday after its shareholders approved its huge refinancing plan. Its shares soared 7.87% to RMB 72.38 after touching the daily cap of 10% during the session. China Life<601628><2628>, the biggest insurer, also jumped 4.93% to RMB 38.93 after saying it is seeking for overseas expansion. CITIC Securities Co<600030>, China's biggest public-traded brokerage advanced 3.02% to RMB 63.14.

Elsewhere, PetroChina<601857><857>, the nation's largest oil producer gained 2.3% to RMB 22.8, while Sinopec<600028><386>, the second largest rose 1.4% to RMB 16.46.

As a whole, Winners outweighed losers by 482 to 351 in Shanghai and 387 to 269 in Shenzhen.

No comments:

Enter your email address:

Delivered by FeedBurner