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Stocks up 3.97% as IPO rumour clears

(Xinhua)
Updated: 2009-02-06 22:15

BEIJING -- Chinese shares rose 3.97 percent on Friday as the China Securities Regulatory Commission denied market talk that initial public offerings (IPO) will resume.

An electronic board showing stock information is seen at a brokerage house in Nanjing, Jiangsu province February 6, 2009. Chinese shares rose 3.97 percent on Friday as the China Securities Regulatory Commission denied market talk that initial public offerings (IPO) will resume. [Agencies]

The Shanghai A-share index rose 83.22 points, or 3.97 percent, to close at 2,181.24, while the Shenzhen Component Index gained 358.48 points, or 4.84 percent, to finish at 7,771.90.

The speculation that China would allow companies to raise money from the market through new IPO sparked a sell-off Thursday. The index edged down by 0.46 percent to break the 2,100 mark.

To boost market confidence and prevent indices from declining, the government suspended IPOs last November. More than 30 companies are waiting for official approval to issue shares.

Combined turnover was 189.6 billion yuan (US$27.9 billion), roughly the same as Thursday.

The non-ferrous metal industry, real estate, automobiles, information technology and new energy shares saw the highest rises.

Changfeng Motors rose 9.98 percent to 6.61 yuan and auto firm Weifu High Technology surged by the daily limit of 10 percent to 7.26 yuan on news that the government plans to help the auto sector expand rural markets from next month.

Information technology companies gained on the news that the government is to announce new measures to boost this sector.

Beijing Aerospace Changfeng rose 9.92 percent to 5.54 yuan, while Shenzhen Coship Electronics added 9.28 percent to 9.66 yuan.

Medical company Tianjin Tasly Pharmaceutical saw its shares gain 1.04 percent to close at 13.6 yuan. On Thursday, the price dropped 2.68 percent as Chinese Academy of Engineering academician Li Lianda said one of the company's heart disease medicines contained toxic ingredients.