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Chinese shares rebound 6% on Wall Street rally

(Xinhua)
Updated: 2008-11-19 15:30

Chinese shares rebounded 6.05 percent to close at 2,017 points on Wednesday, following a mild Wall Street rally overnight.

The benchmark Shanghai Composite Index rose 6.05 percent and finished the day at 2,017 points. The Shenzhen Component Index gained 6.14 percent to 6,679 points.

Combined turnover shrank to 120.81 billion yuan ($17.26 billion) from the previous day's 145 billion yuan.

Gains outnumbered losses by 865 to eight in Shanghai and 743 to two in Shenzhen. Almost all sectors rose, with more than 200 stocks up by the daily limit of 10 percent.

The Shanghai index fell more than 6 percent on Tuesday over fears of a spreading global slowdown, exacerbated by profit-taking.

Shares rebounded sharply in the afternoon on Wednesday as investors bought up energy and bank stocks, which had fallen heavily on Tuesday.

Oil, telecom and banking sectors led the rise. Sinopec rose by 10 percent to 8.37 yuan. PetroChina was up 7.49 percent, closing at 11.91 yuan. China Citic Bank gained 6.51 percent to 4.42 yuan.

Telecom shares surged on reports of an imminent approval of 3G licenses. China United Telecommunications rose 10 percent to 6.03 yuan.

A Guangfa Securities note said the rebound showed investor confidence had risen after Tuesday's decline. The sharp rises of energy and banking stocks showed institutional investors were optimistic over market prospects.