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Shares rise 2.55% on interest rate cut

(Xinhua)
Updated: 2008-10-30 15:46

 

A woman reads information on an electronic screen in front of a board displaying the Shanghai Composite Index at a brokerage house in Shanghai October 30, 2008. China's main stock index ended 2.55 percent higher on Thursday, led by large caps after China cut interest rates for the third time in six weeks while drawing strength from a surge in regional markets. [Agencies]

Chinese shares gained 2.55 percent on Thursday following the latest interest rate cut by the central bank and a strong rebound in Hong Kong.

The benchmark Shanghai Composite Index rose 2.55 percent, or 43.8 points, to close at 1,763.61. The Shenzhen index was up 1.91 percent, or 110.99 points, to close at 5,909.66 points.

The combined turnover was 49.35 billion yuan ($7.26 billion), compared with the previous trading day's 50.06 billion yuan. Gains outnumbered losses by 584 to 208 in Shanghai and 488 to 172 in Shenzhen.

Banks and property developers' shares rose. China Vanke, the country's largest real estate company, closed at 5.96 yuan, 1.02 percent higher than the previous day. Bank of China gained 1.34 percent to 3.03 yuan.

Securities companies also rebounded from a sharp drop Wednesday after the country's securities regulator dismissed reports of a delay in when margin trading and short selling businesses will be available to investors. An exact date is yet to be set.

On Wednesday night, the country's central bank announced its third interest rate cuts in six weeks. The move spurred economic growth amid fears of a global recession.

Though still cautious about the effects of the rate cuts, analysts believed it would help stabilize the stock market.

A strong performance on the Asia-Pacific markets also contributed to boosting the A-share market. Hong Kong's benchmark Hang Seng Index gained more than 12 percent to close above 14,300 points.