Chinese shares up 1.21 pct in morning session
14/10/2008 17:13
Chinese shares ended 1.21 percent higher in the morning session today
following rises in overseas markets.
The Shanghai Composite Index closed at
2,098.66 points, up 25.09 points or 1.21 percent from the previous close.
The
smaller Shenzhen Component Index ended at 6,684.34 points, up 112.76 points or
1.72 percent..
The property sector led the gains. Vanke rose 6.44 percent to
6.78 yuan. Poly Real Estate Group Co was up 4.19 percent to 14.92 yuan.
Dairy
companies Yili and Bright soared by the daily limit of 10 percent after making
clarifications on losses over melamine-tainted products.
Banks and insurers
maintained strong momentum at the opening but the price increases soon shrank.
By noon, Bank of Communications went up 3.93 percent to 5.56 yuan. China Life
rose 2.94 percent to 22.44 yuan and China Pacific Insurance Co dropped slightly
by 0.14 percent to 14.38 yuan.
The two major index opened more than 3 percent
higher today following rebounds in other major markets sparked by global efforts
to stem the financial crisis.
Share prices in other Asian markets also surged
today.
Singapore shares were 5.04 percent higher in early trade today.
Philippine share prices opened 7.34 percent higher and Hong Kong share prices
5.1 percent higher. Share prices in the Republic of Korea opened 5.14 percent
higher.
Chinese shares ended a weeklong decline and rebounded yesterday, as
regional markets rallied after central banks around the world made bold moves to
cope with the global financial crisis.
Following the announcements of
European countries' cash infusion plans worth nearly US$ 2 trillion, the blue
chip Dow Jones industrial average soared 936 points, or more than 11 percent, in
its biggest one-day gain, yesterday.
Xinhua
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