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Chinese stocks up 1.75% led by heavyweights

(Xinhua)
Updated: 2008-11-07 15:44

Chinese shares rose 1.75 percent on Friday on reports that UBS Securities had invested more than 300 million yuan ($43.92 million) in heavyweight stocks, including China Merchants Bank, Sinopec and CITIC Securities.

The benchmark Shanghai Composite Index closed up 1.75 percent, or 29.99 points, to finish at 1,747.71. The Shenzhen index rose 0.57 percent, or 32.54 points, to close at 5,753.10 points.

The combined turnover increased to 40.2 billion yuan, from the previous day's 37.61 billion yuan. Gains outnumbered losses by 666 to 126 in Shanghai and 591 to 81 in Shenzhen.

Market analysts attributed the rise in confidence to the news that UBS Securities bought 45.67 million shares worth more than 300 million yuan in 14 companies late on Thursday after the stock market closed.

Thanks to the deal, CITIC Securities added 3.82 percent to 17.68 yuan, China Merchants Bank gained 3.73 percent to 12.52 yuan, while Sinopec, Asia's largest oil refiner closed at 6.95 yuan, up 2.66 percent.

The move indicated that Chinese share prices were low, and institutional investors were looking for opportunities to buy, said market dealers.

Insurers also saw their shares close higher in Friday's trading after the country's insurance regulator announced a rise in the yield of insurance investments in the third quarter.

Yuan Li, China Securities Regulatory Commission spokesman, said on Friday that the average earnings of domestic insurance investments rose 2.1 percent in the third quarter over the same period last year.

China Life, the nation's leading life insurer added 2.95 percent to 19.18 yuan, Ping An Insurance gained 4.75 percent to close at 25.15 yuan.