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Mainland equities get boost from banks

(China Daily/Agencies)
Updated: 2009-11-18 07:58

Mainland stocks rose for a third day, led by banks, after the central government signed an agreement with Taiwan to boost financial cooperation. Makers of consumer products fell on speculation recent gains were overdone.

China Construction Bank Corp added 1.8 percent to 6.25 yuan and China CITIC Bank Corp climbed 3.1 percent to 6.90 yuan.

The Shanghai Composite Index gained 7.84, or 0.2 percent, to 3282.89 at the close, its highest level since Aug 6. The measure has rallied 18 percent this quarter, the world's second-best performer, as the economy strengthened and the government pledged to maintain its "moderately loose" monetary policy. The CSI 300 Index added 0.1 percent.

"Overall the market looks healthy," said Michelle Qi, Shanghai-based portfolio manager at Bank of Communications Schroders Fund Management Co, which oversees about $6.5 billion. "Some sectors overshot on the upside in the short term."

SAIC Motor Corp, the nation's largest automaker, declined 2.1 percent to 25.59 yuan after more than quadrupling this year.

Chongqing Changan Automobile Co slid 2.4 percent to 14.98 yuan, after more than tripling this year. Qingdao Haier Co, the air-conditioner and refrigerator unit of China's biggest appliance maker, lost 2.1 percent to 21.61, the most since Sept 29.

An index tracking consumer discretionary stocks on the CSI 300 has gained 18 percent in the past month, the best performer among the 10 industry groups. The consumer gauge was the biggest decliner yesterday.

Hang Seng falls

Hong Kong stocks fell after the benchmark index doubled from its March low and the US Federal Reserve warned that "significant economic challenges remain".

Related readings:  Mainland equities edge up led by renewable energy shares  Positive FDI data drive Chinese shares 2.7% higher

The Hang Seng Index declined 0.1 percent to 22,914.15, after rising above 23,000 for the first time since July 2008. The gauge closed yesterday 102 percent higher than this year's low on March 9.

The Hang Seng China Enterprises Index fell 0.1 percent to 13732.05.