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Chinese shares edge up on stimulus hopes

(Xinhua)
Updated: 2009-02-19 19:48

Chinese equities edged up Thursday after two days of losses, led by electronics and information technology companies, as investors bet a government technology stimulus plan announced Wednesday night would lift sector profits, analysts said.

Related readings:  Shares steady, steelmakers in demand  China shares open 0.45 percent higher  Shares decline on bleak earnings outlook  China stocks higher despite low industrial output growth

The benchmark Shanghai Composite Index edged up 0.78 percent, or 17.26 points, to 2,227.13. The Shenzhen Component Index rose by a larger 1.61 percent, or 130.4 points, to 8,213.9.

Combined turnover was 170.65 billion yuan ($24.95 billion), down from 210 billion yuan Wednesday and 258.5 billion yuan Tuesday.

Gainers outnumbered losers by 694 to 173 in Shanghai and 658 to 101 in Shenzhen.

The State Council, or the Cabinet, announced Wednesday a support plan to boost innovation and increase financial input for the electronics and information industry and promote the use of information technologies in the next three years.

China National Software and Service shares hit 11.46 yuan, Shanghai Hi-tech Control System 8.78 yuan, and Yantai Dongfang Electronics Information Industry 3.55 yuan, all rising by the 10 percent daily limit.

Steel marker shares also climbed, boosted by market talk that the government was to give more details on the steel industry stimulus plan, which was unveiled on Jan 14.

The detailed plan would reportedly encourage mergers and acquisitions to build steel makers with international competitiveness.

Baosteel, the country's biggest steel producer, surged 4.18 percent to 5.98 yuan. Angang Steel, the second largest, climbed 2.98 percent to 8.65 yuan. Masteel saw its shares rise 4.3 percent to 4.12 yuan.