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Chinese shares up 2.31% at midday

(Xinhua)
Updated: 2009-04-13 13:48

Chinese shares ended Monday's morning session, passing 2,500 points, a record high in nearly eight months, boosted by positive news over the weekend.

The Shanghai Composite Index gained 56.57 points, or 2.31 percent, to finish at 2,500.80. The Shenzhen Component Index rose 173.85 points, or 1.86 percent, to 9,519.29.

Related readings:  Chinese shares rise 2.7% on hopes of economic recovery   Hong Kong stocks up 2.95%  Chinese shares rise 1.38% on Thursday  Ping An shares soar on upbeat outlook

The People's Bank of China, the central bank, announced Saturday new yuan-denominated loans increased 1.89 trillion yuan ($277 billion) in March. It was the third straight month that new loans exceeded 1 trillion yuan.

Analysts said the increase was boosted by the 4-trillion-yuan stimulus plan and showed the possibility of a faster economic recovery in China compared with other countries.

Chinese Premier Wen Jiabao said Saturday that the Chinese economy showed signs of better than expected positive changes in the first quarter as a result of the economic stimulus package adopted by China.

Petrochemical shares rose because of the market talk that the government would unveil details of the plan to revive the industry. PetroChina rose 3.22 percent to close at 11.85 yuan. Sinopec gained 4.12 percent to 9.36 yuan.

China Shenhua Energy Co, the country's largest coal producer, jumped 9.47 percent to 24.97 yuan on the speculation coal prices will be raised. Media reports said Chinese coal producers may see a 20 percent increase in prices from power generators.