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Chinese stocks close 3% higher upon regional rises

(Xinhua)
Updated: 2009-01-06 17:09

Chinese equities maintained their vitality Tuesday upon rises on regional markets and hope for the imminent release of the government's stimuli package for specific industries.

The benchmark Shanghai Composite Index gained 56.42 points, or 3.00 percent, to 1,937.14. The Shenzhen Component Index rose 160.46 points, or 2.42 percent, to 6,795.34.

Combined turnover jumped to 105.217 billion yuan ($15.38 billion) from 70.675 billion yuan for the previous trading day.

Gains outnumbered losses by 863 to 12 in Shanghai and 706 to 46 in Shenzhen.

The banking sector was outstanding in the upward movement with a gain of 3.36 percent on average, as the Shanghai Pudong Development Bank reported strong earnings for last year.

Shanghai Pudong Development Bank soared 5.54 percent to 14.48 yuan, Huaxia Bank rose 4.56 percent to 7.80 yuan, China Merchants Bank went up 4.05 percent to 13.10 yuan, Industrial and Commercial Bank of China up 2.78 percent to 3.70 yuan, and China Construction Bank up 2.06 percent to 3.97 yuan.

Chongqing-related shares continued the strong performance of the previous trading day, upon the government's decision to develop the city into an economic hub for the upper stream of the Yangtze River and a metropolis that integrates urban districts and rural areas.

For example, Fuling Power and Chongqing Steel rose by the 10-percent daily limit, Chongqing Development gained 7.13 percent to 6.17 yuan, Chongqing Gangjiu went up 5.07 percent to 6.43 yuan and Chongqing Road & Bridge up 5.43 percent to 6.41 yuan.