Markets

China stocks close up Friday

(Xinhua)
Updated: 2010-07-02 16:16

BEIJING - Chinese shares closed up Friday ending a seven-day losing streak.

The Shanghai Composite Index was up 9.11 points, or 0.38 percent, at 2,382.9 points.

The Shenzhen Component Index closed up 0.26 percent, or 23.98 points, at 9,227.89 points.

Shares of property developers led the gain with a 3.61 percent rise.

China Vanke Co, the country's largest property developer by market value, rose 3.74 percent to 6.93 yuan. Beijing Capital Development Co Ltd and Jinshan Development and Construction Co Ltd both jumped by the 10 percent daily limit.

China Life, the country's top life insurer, rose 2.55 percent to 25.33 yuan. Bank of Nanjing gained 2.29 percent to 10.29 yuan, while Bank of Ningbo rose 1.98 percent to 11.34 yuan.

Related readings:  China's stocks drop for seventh day  China stocks to rebound 25% in H2: CITIC  China stocks continue downward trend Wednesday  Chinese stocks slump 4.27% to 14-month low Tuesday

Pharmaceutical shares bucked the trend by dropping 2.63 percent as the country's National Development and Reform Commission said Friday it will review more than 900 drug producers to curb improper price hikes.

Gloria Pharmaceuticals fell by the daily limit of 10 percent to 6.1 yuan. Kunming Pharmaceutical Corp plummeted 8.54 percent to 9.32 yuan.

Total turnover jumped to 117.8 billion yuan ($17.3 billion), up from 90.9 billion yuan the previous trading day.

Gainers outnumbered losers in Shanghai by 442 to 439 while losing stocks stood at 578 in Shenzhen, as compared to 396 gainers.