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Chinese shares edge up 0.38%

(Xinhua)
Updated: 2009-09-24 17:34

BEIJING: Chinese equities edged up by 0.38 percent Thursday as banks and real estate developers staged a strong rebound during the afternoon.

The benchmark Shanghai Composite Index gained 10.83 points to finish at 2,853.55. The Shenzhen Component Index advanced 0.12 percent, or 13.54 points, to close at 11,475.88.

Related readings:  Chinese shares sluggish for second day, down 1.89%  Chinese shares dip 2.34% on weak heavyweights  Chinese shares rise 0.15%  Chinese shares dive 3.19%, led by heavyweights  Chinese equities dragged down by financial shares

Combined turnover shrank for a third day, from Wednesday's 191.61 billion yuan ($28.18 billion) to 176.94 billion yuan.

Losers outnumbered gainers by 546 to 299 in Shanghai and 477 to 281 in Shenzhen.

Thursday's gains were led by bank shares, with Bank of Beijing registering the sharpest rise of 9.25 percent to 17.72 yuan. The Industrial and Commercial Bank of China, the country's biggest lender, edged up 0.81 percent to 4.95 yuan.

Real estate developers rose across the board, with the sector up 1.76 percent. China Vanke, the country's biggest property developer, climbed 2.94 percent to 10.86 yuan.

Beijing Capital Development reported the biggest gain of 6.31 percent in the sector to end at 20.05 yuan.

Liquor producers posted broad losses after Wuliangye Yibin Co., one of the country's top liquor makers, was temporarily suspended from trading since Thursday for violating disclosure rules.

The Shenzhen-listed Jiuguijiu Company Limited, also a leading liquor manufacturer, showed the biggest drop in the sector -- 5.41 percent to 12.95 yuan.