Chinese shares rose 1.37 percent on Thursday following on the heels of an overnight rally of the U.S. stock market and eased liquidity concerns.
The benchmark Shanghai Composite Index gained 61.60 points to 4,552.32. The Shenzhen Component Index ended up 202.49 points, or 1.23 percent, to 16,704.94.
Winners outpaced losers by 735 to 59 in Shanghai and by 580 to 35 in Shenzhen. Turnover volume fell slightly to 84.6 billion yuan (11.4 billion U.S. dollars).
The increase followed an 1.5 percent climb of the Dow Jones Industrial Average on Wednesday after the U.S. reported an unexpected increase of 0.3 percent in retail sales last month, easing concerns about a possible American economic recession.
Major Asian markets finished up, with Tokyo share prices soaring 4.27 percent, South Korean stocks rising 4 percent and Taiwan up 4.16 percent. Shares closed 3.68 percent higher in Hong Kong and 2.6 percent up in Singapore.
Expectation for stronger liquidity contributed to the rise in Chinese shares, with four new funds to be released within eight trading days from Thursday.
Investors, however, were still cautious with a wait-and-see attitude as the trading volume hadn't caught up with the rising prices, the Shanghai-based Shiji Investment Consulting Company said.
The agricultural board continued to surge, benefiting from the ongoing disaster relief and reconstruction work as the country gradually recovers from the worst snow in decades. Dunhuang Seed soared 7.92 percent and Xinnong Development jumped 4.02 percent.
Medical companies became the biggest winners with Shanghai Zhongxi Pharmaceutical Co. Ltd., Zhejiang Medicine and two other medicine producers soaring by the daily 10 percent limit.
In large caps, PetroChina, which accounts for about a quarter of the Shanghai Composite Index, closed up 1 percent to 24.16 yuan. China Petroleum and Chemical Corp. (Sinopec) went up 3.49 percent to 18.66 yuan.
Insurers also rallied with Ping An Insurance surging 3.45 percent and China Life up 2.19 percent.
Real estate slumped despite the market upbeat. Poly Real EstateGroup tumbled 1.81 percent and Vanke fell 0.22 percent.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article