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Chinese stocks gain 1.16%, driven by banking shares

(xinhua)
Updated: 2009-09-02 15:46

Chinese equities gained on Wednesday, led by banking shares on the prospect that the country would not tighten its monetary policy.

The benchmark Shanghai Composite Index went up 1.16 percent, or 31.25 points, to finish at 2,714.97. The Shenzhen Component Index advanced 1.17 percent, or 124.67 points, to end at 10,738.95.

Related readings:  Chinese shares rise led by metal and electricity producers  Chinese shares rise on moderately loose monetary policy promise Chinese shares edge higher led by steel makers    Chinese shares plunge 5% on profit taking

Combined turnover further shrank to 137.04 billion yuan ($20.06 billion) from 161.03 billion yuan on the previous trading day.

Gainers outnumbered losers by 562 to 274 in Shanghai and 491 to 248 in Shenzhen.

Premier Wen Jiabao said Tuesday that China would continue to pursue proactive fiscal and moderately easy monetary policies, when meeting with World Bank President Robert Zoellick.

Banking shares gained across the board boosted by the statement. The Industrial and Commercial Bank of China rose the most by 7.87 percent to 31.24 yuan. Bank of Nanjing climbed 5.67 percent to 15.83 yuan. Shares of Shenzhen Development Bank added 4.42 percent to 19.84 yuan.

Airlines shares, however, fell as investors worried higher fuel prices would erode earnings. Air China, the country's largest carrier, fell 3.85 percent to 7.5 yuan. China Southern Airlines retreated 4.12 percent to 4.89 yuan.

The National Development and Reform Commission, China's top economic planner, raised jet fuel prices by 4.6 percent to 7,010 yuan a ton from Wednesday. Prices of gasoline and diesel were increased by 300 yuan per ton, or about 4 percent each.

PetroChina, the country's largest oil producer, edged up 0.93 percent to 12.98 yuan. However, Sinopec, Asia's top oil refiner, declined 0.09 percent to 11.3 yuan.