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Chinese shares rise to nearly 14-month high

(Xinhua)
Updated: 2009-07-27 15:54

Chinese equities closed higher for the fourth consecutive day on Monday to a nearly 14-month high, after investors were reassured the country would continue its proactive fiscal policy to maintain economic growth.

Investor confidence was boosted after President Hu Jintao said Thursday the government should adhere to its proactive fiscal policy and moderately easy monetary policy to ensure stable economic growth as the recovery was not yet solid.

The benchmark Shanghai Composite Index closed at 3,435.21 points, up 62.61 points, or 1.86 percent, to a new high since the index was closed at 3,369.92 on June 4, 2008.

The Shenzhen Component Index finished at 13,743.4 points, up 211.68 points, or 1.56 percent.

Gainers outnumbered losers by 753 to 106 in Shanghai and 626 to 109 in Shenzhen.

Combined turnover expanded to 352.33 billion yuan ($51.82 billion) from 337.95 billion yuan on the previous trading day.

Sichuan Expressway Co jumped 323 percent on its debut trade from its offer price before the stock was suspended.

Related readings:  Chinese shares open slightly higher Monday  Chinese shares rise for 3rd consecutive day  Chinese shares hit new 13-month high  Sichuan Expressway IPO coming

It's the first initial public offering (IPO) in Shanghai after regulators resumed its A-share IPO in June following a nine-month suspension. The stock surged 202.78 percent to close at 10.9 yuan.

Non-ferrous metal producers led the gains, with five companies rising by the daily limit of 10 percent, as investors bet on rising demand for such resources to fuel the future economic growth.

Hunan Chenzhou Mining Group rose 10.01 percent to 25.39 yuan, and Yunnan Copper gained 10 percent to close at 34.87 yuan. The heavyweight Chalco, China's top aluminum producer, advanced 8.05 percent to finish at 19.33 yuan.

Steel makers also gained across the board on anticipation of increasing demand as the economy expanded. Baosteel, the country's biggest steel maker, climbed 5.49 percent to 8.65 yuan, and Wuhan Iron & Steel, rose 6.32 percent to 10.6 yuan.

Heavyweights on the Shanghai bourse also rose. Industrial and Commercial Bank of China gained 1.53 percent to 5.3 yuan, and Bank of China rose 2.44 percent to 4.61 yuan. Ping An Insurance surged 3.16 percent to 63.95 yuan.