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Chinese shares add 1.89%, real estate stocks gain

(Xinhua)
Updated: 2009-03-19 15:40

Chinese equities rose 1.89 percent after positive economic signs and an overnight US market rally.

The benchmark Shanghai Composite Index added 1.89 percent, or 42.03 points, to end at 2,265.76. The Shenzhen Component Index rose 1.85 percent, or 156.51 points, to end at 8,622.47.

Related readings:  Expert: Govt policy key to stocks  Hong Kong stocks close 1.86% higher  Chinese shares up 0.24%, steel stocks rise  NASDAQ expects more IPOs at year's end

Gains outnumbered losses by 782 to 41 in Shanghai and 647 to 49 in Shenzhen.

Combined turnover was 201.7 billion yuan ($24.89 billion), up from 194.3 billion yuan on the previous trading day.

Bank shares advanced on the news that Bank of Communication's (BoCom) 2008 profit surged beyond expectations. The Shanghai-based commercial lenders defied the impacts of the financial crisis to record a net profit growth of 40.05 pct last year.

The BoCom 2008 annual report, which was published late Wednesday, was the first annual result from the country's banks. Dealers said it reflected that performance of this sector in 2008 was not disappointing.

BoCom shares rose 0.85 percent to 5.9 yuan, Shanghai Pudong Development Bank gained 1.60 percent to 19.7 yuan, and China Construction Bank added 1.19 percent to close at 4.24 yuan.

A US stock rally also contributed to boost China's markets. The Dow Jones rose 1.23 percent to 7,486.58 Wednesday after the Federal Reserve said it would purchase up to $300 billion of longer-term treasury securities over the next six months.

Meanwhile, real estate shares rose as the real estate and fixed-asset investment sectors began to show signs of recovery in some cities.

Both of the real estate developers Shenzhen Hongji and Guangyu Development rose 9.98 percent to close at 7.27 yuan and 5.29 yuan, respectively. Commercial Real Estate shares added 1.46 percent to 20.8 yuan.

Investor's expectations over a rising gold price also led to a rebound of gold miners' stock prices, dealers said.

Zijin Mining, China's largest gold producer, added 4.76 percent to 9.03. Zhongjin Gold Corp, the country's second largest bullion producer, advanced 6.5 percent to 52.16, while Shandong Gold Mining jumped by a daily limit of 10 percent to 10.71 yuan.