Chinese shares rebounded from an earlier loss and edged up 0.48 percent Monday, led by financial and real estate sectors.
The benchmark Shanghai Composite Index rose 0.48 percent, or 12.41 points to close at 2610.01. The Shenzhen Component Index wasup 1.09 percent, or 109.53 points, to 10,182.16.
Combined turnover rose to 181.93 billion yuan (26.64 billion U.S. dollars) from 152.02 billion yuan the previous trading day.
Losers led gainers by 534 to 372 in Shanghai and 427 to 332 in Shenzhen.
The earlier loss reflected the government decision over the weekend to resume initial public offerings (IPOs) in the domestic stock market after eight months' suspension. The Shanghai Composite Index fell 1.23 percent in the morning session.
"The IPOs will not affect the up-trend of the domestic market in the long run. The rebound in the afternoon showed investors were still confident about the economy," Galaxy Securities analyst,Qin Xiaobin, said.
The real estate sector led Monday's increase. China Vanke, the largest property developer, surged 3.21 percent to close at 9.96 yuan. The COFCO Property jumped by the 10-percent daily limit to 8.47 yuan and Poly Real Estate was up 1.54 percent to 21.69 yuan.
Financial institutions shored up the gains in the afternoon session.
The Pacific Securities jumped 8.4 percent to 16.9 yuan. Haitong Securities rose 6.31 percent to 14.33 yuan and Changjiang Securities was up 5.35 percent to 16.54 yuan.
Heavy weights PetroChina and Sinopec increased on word that thegovernment might increase oil prices this week.
PetroChina rose 1.87 percent to close at 13.10 yuan. Sinopec edged up 0.59 percent to 10.3 yuan.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article