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Chinese equities gain 0.35% to 8-month high

(Xinhua)
Updated: 2009-04-15 15:41

Chinese equities ended 0.35 percent higher Wednesday, continuing the upward trend for the fifth consecutive trading day, and hitting a new high since early August last year.

The benchmark Shanghai Composite Index finished the day at 2,536.06 points, up 8.88 points or 0.35 percent, from the previous close.

The Shenzhen Component Index went up 0.48 percent, or 46.4 points, to close at 9,724.58.

Related readings:  China's economy on track for recovery  Southern Airlines forecasts loss for 2008  China's top 3 insurers post mixed Q1 premium income  Chinese equities edge up 0.54%, led by real estate

Gains outnumbered losses by 524 to 320 in Shanghai and 468 to 260 in Shenzhen.

Combined turnover expanded to 268.93 billion yuan ($39.35 billion) Wednesday from 252.32 billion yuan on the previous trading day.

The Shanghai Composite Index opened 0.5 percent lower at 2514.59 points, echoing the overnight Wall Street losses. Dealers said investors were confident as some economic recovery signs had emerged.

The Shanghai Composite Index has gained more than 37 percent from the beginning of this year.

Coal shares rose across the board on expectation of coal price rise. Datong Coal Industry Co, Ltd surged 6.19 percent to 26.94 yuan, while Yanzhou Coal Mining Co, Ltd jumped 4.8 percent to 16.59 yuan.

China Southern Airlines, the country's leading carrier, lost 1.75 percent to 6.17 yuan as it announced Wednesday that it lost 4.83 billion yuan in 2008 on high fuel costs, sluggish traffic business and several natural disasters. The figure was worse than market expectation, dealers said.

China Life lost 1.93 percent to 24.9 yuan after the country's leading insurer reported Tuesday night that its first-quarter premium income reached 104 billion yuan, only 1.8 billion higher from a year ago.