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Chinese shares close slightly higher

(Xinhua)
Updated: 2009-03-27 16:51

Chinese equities went up 0.54 percent on Friday, as steel and new energy shares led the gains.

Related readings:  Bank shares lead market fightback  Hong Kong stocks soar 3.57% on Thursday  Chinese shares gain 3% as overseas markets rebound  China Life Q4 net falls 42% on stock slump

The Shanghai Composite Index gained 12.73 points, or 0.54 percent to 2374.44. The Shenzhen Component Index rose 10.28 points, or 0.11 percent to 8994.15.

Gains outnumbered losses by 501 to 438 in Shanghai and 438 to 300 in Shenzhen.

Combined turnover reached 183.68 billion yuan ($27 billion), falling from 204.51 billion yuan on the previous trading day.

Chinese central bank governor Zhou Xiaochuan wrote in an essay on Thursday that the country's macro-economic policy had begun to take effect, as some economic data showed signs of recovery.

Analyst said the Wall Street's overnight rally also helped boosted the Chinese shares.

Steel shares posted robust performance as the steel futures contracts were launched on Friday morning on the Shanghai Futures Exchange (SHFE).

Baoshan Iron & Steel Ltd, the nation's biggest steel maker, rose 3.48 percent to 5.95 yuan, Wuhan Iron and Steel jumped 8.68 percent to 7.64 yuan. Angang Steel ended at 8.69 yuan, up 4.07 percent.

The new energy stocks rose sharply after the Ministry of Finance said it would offer subsidies to the solar energy sector. China Fangda Group, one of the largest new material products sellers, increased 10.08 percent to 6.88 yuan.

Shenzhen Topraysolar Co, the biggest amorphous silicon producer in China, rose 10 percent to 23.77 yuan.

Non-ferrous metal producers fell across the board. Aluminum Corp of China, or Chinalco, dropped 2.33 percent to 10.90 yuan. Jiangxi Copper Ltd was down 2.29 percent to 23.90 yuan.