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Chinese shares up 1.18% led by heavyweights

(Xinhua)
Updated: 2009-07-06 16:20

Related readings:  Chinese shares up 0.92% led by property, coal shares  Chinese shares climb to 13-month high  Chinese shares gain 1.65%, climb above 3000-point mark

Chinese equities extended gains Monday led by heavyweights, up 1.18 percent.

The benchmark Shanghai Composite Index on Shanghai bourse closed at 3,124.67 points, up 36.30 points, or 1.18 percent. The Shenzhen Component Index closed at 12,489.92 points, up 231.13 points, or 1.89 percent.

Total turnover expanded to 303.16 billion yuan ($44.36 billion) from 267.12 billion yuan on the previous trading day.

Chinese shares open 0.1 percent higher at the opening pushed by rising securities and real estate shares. The increase then narrowed by weakening banking shares at the noon.

Indices gained uprising momentum again in the afternoon session led by heavyweights, including securities and iron and steel shares. More than 80 percent of the heavyweights rose.

Securities shares saw prices rose on the news of an imminent Initial Public Offering (IPO) in Shanghai Stock Exchange by the Hong Kong-listed Sichuan Expressway Company Limited, the first IPO on the Shanghai bourse after a 10-month suspension.

CITIC Securities rose 6.83 percent to 31.61 yuan, Northeast Securities added 9.68 percent to 37.85 yuan, while Haitong Securities gained 4.58 percent to close at 18.26 yuan.

Iron and steel share also rose on the increasing iron price in the world markets. Liuzhou Iron and Steel rose 9.94 percent to 7.08 yuan, Nanjing Iron and Steel added 9.97 percent to 6.40 yuan.