Chinese shares post 5.89 pct recovery in morning session, led by heavyweights
20/8/2008 17:46
Chinese shares rose 5.89 percent in the morning session, led by
heavyweights, reversing the downward trend in the previous trading days.
The
benchmark Shanghai Composite Index rebounded 5.89 percent, or 138.17 points, to
2,482.64. The Shenzhen Component Index closed at 8,460.12 points, up 496.55
points, or 6.24 percent.
Aggregate turnover hit 44.1 billion yuan (US$6.4
billion).Gains outnumbered losses by 4,501-1 in the two bourses by 11:30
a.m.
Chinese shares opened lower in the morning, amid a overnight declining
Wall Street indices. The Shanghai index opened at 2,332.48 points, down 0.51
percent over the previous close. The Shenzhen index dropped 0.57 percent to open
at 7,918.57 points.
However, both bourses saw a broad-based rebound at around
10:00 a.m., driven up by many sectors including bank, securities, and insurance
shares.
China Life Insurance, the country's leading life insurer, rose 8.26
percent to 25.16 yuan, while Ping An Insurance, another life insurance giant,
saw its shares gain 8.28 percent to close at 44.45 yuan.
China Merchants Bank
posted an increase of 7.13 percent to close at 23.45 yuan. The Shanghai-listed
lender reported a first-half net profit of 13.245 billion yuan yesterday, up
116.42 percent year-on-year.
CITIC Securities, the country's largest listed
broker, gained a daily 10 percent limit to close at 18.70 yuan.
Xinhua
|
