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Chinese shares rebound above 2,600 points

(Xinhua)
Updated: 2009-05-12 15:24

Chinese shares rose 1.49 percent Tuesday as investors reacted positively to figures on fixed-asset investment, which were taken as evidence that government stimulus spending was buoying the economy, analysts said.

The benchmark Shanghai Composite Index closed at 2,618.17 points, up 38.43 points. The Shenzhen Component Index rose 3.14 percent, or 310.36 points, to 10,179.15.

Related readings:  Shares decline on economic data release  Foreign firms 'can be listed in China'  NASDAQ-like board may launch in October  PetroChina to raise 100b yuan for major business in 2009

Gains outnumbered losses by 722 to 79 in Shanghai and 610 to 68 in Shenzhen.

Combined turnover contracted to 176.3 billion yuan ($25.85 billion) from 264.4 billion yuan on Monday.

Urban fixed-asset investment in the first four months rose 30.5 percent year on year to 3.71 trillion yuan, the National Bureau of Statistics announced Tuesday.

The growth rate was 1.9 percentage points higher than in the first quarter.

The surge in fixed-asset investment showed the country's decision to increase spending to stimulate domestic demand worked, analysts said.

A separate report Tuesday by the NBS and the National Development and Reform Commission showed house prices in 70 mid-sized and large cities rose 0.4 percent month on month in April.

This figure, together with a 4.9-percent rise in investment in the real estate sector in the first four months as reported by the NBS, buoyed property stocks. Shares of Shenzhen-based Gemdale Corporation rose by the 10 percent daily limit to 15.1 yuan. Vanke, a leading developer, closed at 10.46 yuan, up 6.73 percent.

Stocks of steelmakers gained after the State Council (China's Cabinet) issued plans earlier in the day that would support the machinery sector.

Northwestern Gansu-based Jiu Steel Group rose 10 percent to 9.42 yuan. Baoshan Iron and Steel, the largest steel maker, gained 6.33 percent to 6.55 yuan.

Another support plan for the nonferrous metal industry, released late Monday, helped lift that sector.

Shares of gold and copper supplier Zijin Mining Group rose 1.91 percent to 8.52 yuan and Western Mining was up 1.92 percent to 13.8 yuan.