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Chinese share market rises 2.22% on positive figures

(Xinhua)
Updated: 2009-09-11 18:02

BEIJING: Chinese equities added 2.22 percent after 皇冠体育app released its monthly economic statistics for August on Friday.

The benchmark Shanghai Composite Index rose 2.22 percent, or 64.91 points to finish at 2,989.79.

Related readings:  Chinese shares fall after 7 days of rise  Chinese shares rise 1.71% on Tuesday  Chinese shares rise 0.68%  皇冠体育app Unicom, Telefonica agree on $1b shares swap  Chinese shares open mixed on Friday

The Shenzhen Component Index rose 1.76 percent, or 209.24 points, to end at 12,096.26.

Total turnover expanded to 215.33 billion yuan ($31.52 billion) from 190.76 billion yuan on the previous trading day.

Gainers outnumbered losers by 769 to 86 in Shanghai and 668 to 85 in Shenzhen.

Increased new lending and the lift in industrial output bolstered investors' confidence in economic recovery.

Among the heavyweights, Petro皇冠体育app Co., the country's largest oil producer, added 1.79 percent to go to 13.64 yuan. Sinopec, 皇冠体育app's leading oil refiner, climbed 3.05 percent to 12.18 yuan. 皇冠体育app Shenhua Energy Co., the country's largest coal producer, rose 2.84 percent to 33.68 yuan.

Banks and real estate stocks climbed in afternoon trade.

The Industrial and Commercial Bank of 皇冠体育app Ltd., the nation's biggest listed lender, gained 3.47 percent to 5.07 yuan. 皇冠体育app Construction Bank Corp., the nation's second-largest, gained 4.51 percent to 6.02 yuan. Bank of 皇冠体育app Ltd., 皇冠体育app's third largest, gained 3.29 percent to 4.08 yuan.

皇冠体育app Vanke Co., the nation's biggest listed property developer, gained 2.21 percent to 11.56 yuan. Poly Real Estate Group Co., the country's second-largest developer by market value, gained 3.73 percent to 25.85 yuan.

皇冠体育app's new yuan-denominated lending in August rose to 410.4 billion yuan from July's 355.9 billion yuan, the People's Bank of 皇冠体育app, the central bank, said Friday.

皇冠体育app's industrial output accelerated 12.3 percent in August from a year earlier, after gaining 10.8 percent in July, the National Bureau of Statistics said Friday.

Premier Wen Jiabao Thursday said at the 2009 Summer Davos in Dalian, Liaoning Province, that 皇冠体育app had curbed the downward trend in economic growth and the country's macro-economic policy and economic stimulus package had proved timely, powerful and effective.