Chinese shares end 2.26 pct higher at mid-day
19/11/2008 16:26
Chinese stocks posted broad gains this morning and recovered some losses
on the previous day after an overnight mild rally on Wall Street.
The
benchmark Shanghai Composite Index shot up by 2.26 percent and finished the
morning session at 1,945.49 points, led by telecom operators and oil producers.
The index sank more than six percent yesterday over slump fears and
profit-taking from earlier gains.
The Shenzhen Component Index gained 3.21
percent to 6,388.51.
Gains outnumbered losses by 679 to 181 in Shanghai and
613 to 108 in Shenzhen at mid-day.
The country's two major oil producers led
the upbeat performance in the morning. PetroChina, the country's largest oil
producer, rose 5.32 percent to 11.67 yuan (US$1.72), while Asia's largest
refiner Sinopec climbed 8.67 percent to 8.27 yuan.
The telecom sector rose
more than 6 percent on news that telecom operators may be allowed to start the
third-generation operation as early as next month.
China Unicom, one of the
country's telecom operator, went up 5.47 percent to 5.78 yuan, and ZTE, a
leading telecom equipment manufacturer, rose 6.34 percent to 22.3 yuan.
The
Dow Jones Industrial Average gained 1.83 percent last night, after technology
titan Hewlett-Packard Co reported better-than-expected results.
Tokyo stocks,
however, edged down 1.78 percent this morning.
Xinhua
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