国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Economy

Markets

Industries

Insights

Reports

Events

Recovery in investor confidence lifts shares 3%

(Xinhua)
Updated: 2009-02-16 17:23

Chinese equities gained almost 3 percent Monday, driven by brokerage and banking shares amid recovering investor confidence, analysts said.

The benchmark Shanghai Composite Index climbed 2.96 percent, or 68.6 points, to 2,389.39. The index has gained 31.2 percent so far this year.

Related readings:  Hong Kong stocks close 0.73% lower  China stocks surge 3% in massive turnover  Chinese shares gain 2.44% on economic stimulus prospects  Chinese shares up 3.97% as regulator denies IPO rumour

The Shenzhen Component Index was up 1.65 percent, or 142.29 points, to 8,771.04.

Combined turnover hit 273.55 billion yuan ($40.05 billion), up from 252.63 billion yuan on the previous trading day. Turnover on the Shanghai bourse reached a record high of 180.56 billion yuan Monday.

There were 660 issues gaining and 196 falling in Shanghai, while Shenzhen had 555 gains and 186 losses.

Monday's gains were fueled by recovering investor confidence, based in part on the government's stimulus plans for key industries, a Greatwall Securities analyst said.

Shares of brokerage firms rose across the board on increasing trading volume. CITIC Securities was up 4.13 percent to 26.47 yuan. Northeast Securities surged 9.98 percent to 22.92 yuan and Changjiang Securities rose 6 percent to 15.2 yuan.

Banking shares gained, led by China Merchants Bank, which denied reports Friday that it lost $60 million on investments with financial services company Fortis. Merchants Bank shares added 7.56 percent to 15.93 percent.

Industrial and Commercial Bank of China rose 3.27 percent to 4.1 yuan and Bank of China climbed 5.64 percent to 3.56 yuan.

The shipbuilding industry stimulus plan didn't help stocks in that sector, however. It would take time for that plan to have an impact, with foreign orders plunging amid the global financial crisis, Guojin Securities analyst Zhang Zhongjie said.

The China Association of National Shipbuilding Industry forecast last week that orders would shrink 48.4 percent to 65.6 percent year-on-year during 2009 as the global financial crisis hit the industry.

China CSSC Holding, a listed arm of the China State Shipbuilding Corp, saw its share price fall 2.05 percent to 56.94 yuan. Shares of Guangzhou Shipyard International slid 2.79 percent to 20.91 yuan.