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Chinese shares hit 13-month high, driven by strong optimism

(Xinhua)
Updated: 2009-07-14 16:01

Chinese equities gained 2.1 percent to hit a 13-month high Tuesday after losses over three trading days, boosted by investors' optimism.

The benchmark Shanghai Composite Index on the Shanghai bourse closed at 3,145.16 points, up 64.6 points, or 2.1 percent. The Shenzhen Component Index closed at 12,991.06 points, up 330.51 points, or 2.61 percent.

Total turnover expanded to 280.53 billion yuan ($41.07 billion) from 268.78 billion yuan on the previous trading day.

Related readings:  SSF may trim stock market holdings  Stock market may see technical correction soon   Pension fund rule will help stabilize stock market, say experts   Stock market shines as most global peers lag

Gainers outnumbered losers by 795 to 67 in Shanghai and 667 to 74 in Shenzhen.

"Investors' strong optimism and a rebound in major markets in the United States and Europe driven by financial shares helped push up the gains in Chinese equities," Qin Xiaojun, an analyst with the Galaxy Securities, told Xinhua.

The Dow Jones Industrial Average gained 1.4 percent Monday with Bank of America, Citigroup, and J.P. Morgan Chase, three of its banking components, posted solid gains.

Positive signals strengthened investors' confidence as China posted a 19.6 percent fiscal revenue increase in June on Monday.

China's central bank also called on Monday the country's financial institutions to improve financial support for fighting the economic downturn.