Money
Chinese shares up 2.36% to regain 3000-point - Wed
(Xinhua)
Updated: 2010-02-03 16:31
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BEIJING: Chinese equities ended a three-day decline by surging 2.36 percent to climb above the 3,000-point mark Wednesday, led by financial and energy shares.
The Shenzhen Component Index rose 2.93 percent, or 349.64 points, to close at 12,262.57 points.
Combined turnover grew to 198.71 billion yuan ($29.09 billion), from 160.51 billion yuan on the previous trading day.
Gainers outnumbered losers by 715 to 167 in Shanghai and 649 to 204 in Shenzhen.
Financial stocks led the rebound, with the sector gaining 3.88 percent on a report China's Central Huijin Investment Company might buy more shares in China's major lenders.
Wednesday's China Daily reported that Central Huijin, an investment arm of China's sovereign wealth fund, might increase its holdings in the country's three biggest banks, citing sources close to the matter.
The Industrial and Commercial Bank of China (ICBC), China's biggest commercial lender, climbed 2.5 percent to 4.92 yuan. China Construction Bank, the country's second lender, rose 2.32 percent to 5.73 yuan. Bank of China, the third biggest lender, rose 2.21 percent to 4.17 yuan.
Guizhou Panjiang Refined Coal Co and Shanxi Xishan Coal and Electricity Power Co rose by the daily limit of 10 percent, 24.83 yuan and 33 yuan, respectively.
China Eastern Airlines, meanwhile, dropped for the second day as market participants continued to offload the stock after its announcement Friday it had completed an A-share swap for its merger with Shanghai Airlines. China Eastern shares dropped 2.34 percent to 5.85 yuan.
According to the merger plan, China Eastern swaps 1.3 of its Shanghai-listed A-shares for every Shanghai Airlines share.
Shanghai Airlines was suspended from trading on Tuesday.
