Money

China's stocks post 5th consecutive gain Friday

(Xinhua)
Updated: 2010-07-23 16:33

BEIJING - Chinese shares advanced for the fifth day in a row Friday, driving up the benchmark index to end the week with a 6.1 percent growth, after the government pledged policy stability in the second half of the year.

Related readings:  Mainland stocks rise for 4th day in a row on policy outlook  Hong Kong stocks end 0.5% up

The benchmark Shanghai Composite Index gained 0.38 percent, or 9.62 points, to end at 2,572.03 points.

The Shenzhen Stock Index climbed 0.54 percent, or 56.17 points, to 10,527.95 points.

Total turnover expanded slightly to 184.29 billion yuan ($27.18 billion) from 175.15 billion yuan on the previous trading day.

Losers outnumbered gainers by 537 to 327 in Shanghai and 545 to 413 in Shenzhen.

Chinese President Hu Jintao said that the government should stick to the pro-active fiscal policy and moderately loose monetary policy in the second half of this year to ensure stable and relatively rapid economic development, according to a statement issued Thursday after a symposium held in Beijing Tuesday.

Hu also said the government would further improve the mechanisms for boosting domestic demand and improve consumption measures in the next half.

Chinese Premier Wen Jiabao said also over the same period the government would keep policy stability as the theme for its economic regulation.

Analysts said the government's policy stance might signal that the government would not kick in more tightening measures.

Banking stocks contributed to the market rally. China CITIC Bank rose 2.95 percent to 5.94 yuan. Agricultural Bank of China climbed 2.93 percent to 2.81 yuan, the highest price since its debut in Shanghai on July 15.