Money

China's stocks regain 3,000-point level - Oct 19

(Xinhua)
Updated: 2010-10-19 16:23

BEIJING - Chinese shares climbed 1.58 percent Tuesday, led by consumer-related companies as the central authorities vowed to continue to boost domestic demand in the next five years on Monday.

The benchmark Shanghai Composite Index advanced 46.63 points to close at 3,001.85.

The Shenzhen Component Index closed up 2.54 percent, or 320.93 points, to finish at 12,970.2.

Total turnover sharply decreased to 344.8 billion yuan ($51.8 billion) from 488.61 billion yuan on the previous trading day.

Winners outnumbered losers by 805 to 78 in Shanghai and 1,011 to 68 in Shenzhen.

China will continue the policy of boosting domestic demand to maintain stable and rapid economic development, the 17th Central Committee of the Communist Party of China (CPC) said in a communique released Monday after its fifth plenary session.

The average share price for the consumer-related companies, such as home appliance makers, automakers, information equipment manufacturers, and electronic components makers rose more than 4 percent.

Bank shares declined in the morning session but posted widespread gains ahead of the close. China Huaxia Bank Co added 5.7 percent to 13.73 yuan. Bank of Communications Co, the nation's fifth largest lender by assets, was up 1.65 percent to 6.77 yuan.

Non-ferrous metals performed well. Tongling Nonferrous Metals Group Co rose by the daily limit of 10 percent. Jiangxi Copper Co was up 8.11 percent to 43.87 yuan.

Real estate shares sank. Poly Real Estate Group Co shed 2.88 percent to end at 15.16 yuan, while China Vanke Co, the nation's largest property developer, slid 1.35 percent to 9.5 yuan. China Merchants Property Development Co. was down 0.6 percent to 19.92 yuan after it said its third-quarter-profit dropped 20.54 percent year on year.