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Chinese shares up 1.15%, led by financial stocks

(Xinhua)
Updated: 2009-03-16 15:58

Chinese equities rose 1.15 percent on Monday, led by rising financial and real estate stocks.

Related readings:  Indices for listed SOEs set for release on March 30  Stock market swings during the two sessions  Wall Street rises, ending best week since Nov.  HK stocks surge on Premier's remarks, Wall Street rally

The benchmark Shanghai Composite Index added 1.15 percent, or 24.44 points, to 2,153.29. The Shenzhen Component Index edged up 1.87 percent, or 146.95 points, to 8,022.69.

Gains outnumbered losses by 655 to 143 in Shanghai and 525 to 151 in Shenzhen.

Combined turnover was 93 billion yuan ($13.62 billion), down from 109.1 billion yuan on the previous trading day.

In the morning, Chinese shares dropped 0.43 percent to close at 2,119.66 at midday amid investor disappointment with the lack of new stimulus plans in the near future.

However, the index was boosted as market talk spread that banks' earnings in 2008 could exceed previous forecasts. The first bank annual report from Industrial Bank Co Ltd is expected to come out later Monday.

Industrial Bank saw its shares rise by 6.98 percent to 21.16 yuan, while Pudong Development Bank rose 4.45 percent to 19 yuan. China Communications Bank closed at 5.71 yuan, up 3.07 percent from the previous close.

Dealers said the government's move to introduce three stock indices on March 30 for central State-owned enterprises (SOEs) also contributed to the index rise, as this was said to be one of the government's efforts to boost the stock market.

China Securities Index Co (CSI) and the Shanghai Stock Exchange (SSE) said on Monday that these three stock indices -- CSI Central SOEs, CSI Central SOEs 100, and SSE Central SOEs 50 -- were expected to reflect the performance of SOEs publicly listed on the country's two stock markets.

The listed central SOEs constitute the pillar of China's national economy covering major industries such as aviation, telecommunications, energy, transportation and finance.