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Chinese shares end at one-year high

(Xinhua)
Updated: 2009-06-24 16:52

BEIJING: Chinese equities rose 1.02 percent Wednesday to close at one-year high after the National Bureau of Statistics (NBS) said the country's economy has bottomed out.

Related readings:  Chinese shares fall, tracking overnight Wall Street slump  Gome to raise HK$3.24b via bonds, shares  Chinese shares hit 11-month high, driven by financial stocks  Chinese shares vault to new high Chinese shares rise to 10-month high on market optimism

The benchmark Shanghai Composite Index rose 29.6 points, or 1.02 percent, to close at 2,922.3, the highest close since June 18 last year. The Shenzhen Component Index climbed 255.98 points, or 2.3 percent to end at 11,381.64.

Total turnover was 217.8 billion yuan (US$31.89 billion), expanding from 210.37 billion yuan the previous trading day.

China's gross domestic product (GDP) growth was expected to be almost 8 percent in the second quarter this year, said an article on the NBS web site Tuesday. The country's GDP grew 6.1 percent in the first quarter in 2009.

Statistics showed the decline in China's economy has bottomed out, the article said.