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Chinese shares edge up after day-earlier plunge

(xinhua)
Updated: 2009-09-01 16:05

Chinese equities edged up Tuesday after plunging more than 6 percent to a three-month low the previous day, on a rebound in shares of banks, real estate developers and oil producers.

The benchmark Shanghai Composite Index went up 0.6 percent, or 15.98 points to finish at 2,683.72.

The Shenzhen Component Index advanced 0.28 percent, or 29.2 points, to end at 10,614.28.

Combined turnover further shrank to 161.03 billion yuan ($23.68 billion) from 196 billion yuan on the previous trading day, as investors remain cautious over concerns of tightened liquidity.

Liquidity concerns continued to weigh on investors, as more initial public offerings (IPOs) are expected after regulators restarted the IPO approvals and media reports said new loans last month were sharply lower than previous months, or less than 300 billion yuan.

China's banks have extended a record 7.73 trillion yuan of new loans in the first seven months, far exceeding the annual target of 5 trillion yuan, in a bid to stimulate economic growth.

Related readings:  Chinese shares dip almost 3% on Friday  Chinese shares plunge 6.74%, driven by weak energy shares  Chinese shares slide 21.8 percent in August  Chinese shares open lower on Tuesday

A continued rise in the Purchasing Managers' Index (PMI) of China's manufacturing sector failed to bolster the market. The index, released Tuesday morning, stood at 54 percent in August, the sixth consecutive month with a reading above 50 percent, which suggests expansion.

Banking shares led Tuesday's gain. The Industrial and Commercial Bank of China, the nation's largest lender, added 2.01 percent to close at 4.56 yuan a share. Bank of Nanjing rose the most by 4.83 percent to 14.98 yuan.

A strong rebound in China Vanke, the country's largest listed real estate developer, led a rise in the real estate sector. China Vanke finished the day at 9.89 yuan, up 5.21 percent. Shenzhen-based Gemdale Corporation were 4.54 percent higher to end at 12.43 yuan.

Nonferrous metals led the losses, with the whole sector down nearly 4 percent. Jilin Ji En Nickel Industry fell the most by 9.24 percent to 26.31 yuan.