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Chinese shares close 0.51% higher after banks rebound

(Xinhua)
Updated: 2009-03-02 15:55

Chinese share prices managed to close up 0.51 percent on the month's first trading day after bank shares rebounded in the afternoon session.

The benchmark Shanghai Composite Index, which covers both A and B shares, rose 0.51 percent, or 10.6 points, to close at 2,093.45.

The Shenzhen Component Index on the smaller Shenzhen bourse closed at 7,762.72 points, up 154.5 points, or 2.03 percent.

Related readings:  Markets bloom again as wary investors return  'Two sessions' attend to voices from capital market  Shares continues declining on Friday  HK shares end sharply lower on finance sector woes

In spite of the increase, the combined turnover shrunk to 114.2 billion yuan ($16.7 billion), from 152.24 billion yuan on the previous trading day, which indicated that investors remained cautious, analysts said.

Gains led losses by 754 to 178 in Shanghai and 701 to 103 in Shenzhen.

The most eye-catching stock on Monday was China Merchants Bank as it unlocked its last batch of 4.799 billion non-tradable shares.

Its stock price tumbled more than 5 percent shortly after the opening, but managed to rebound in the afternoon and rose 2.45 percent to close at 14.62 yuan.

The bank, with all shares circulating on the market, has become the first heavy weight on the Hushen 300 Index -- an index that reflects the performance of the Shanghai and Shenzhen stock exchanges.

Industrial and Commercial Bank of China and Bank of China, the world's first and third largest lenders by market value, however, fell 0.8 percent and 0.31 percent to close at 3.70 yuan and 3.21 yuan, respectively.

Other sectors, including real estate and cement, rose as investors expected the annual sessions of the country's top legislature and top political advisory body, which would be opened on Thursday and Tuesday respectively, would issue more specific stimulus plans for the industries.

Chinese Premier Wen Jiabao said during his first online chat with the general public on Saturday that China was "ready to take firmer and stronger actions whenever necessary" against the global financial crisis.

The real estate sector led the rise Monday. China Vanke, the country's largest real estate developer by market value, rose 3.64 percent to close at 7.41 yuan.

Zhongtian Urban Development Group, Shenzhen Changcheng Investment Holding, and Shenzhen Zhenye Group, all rose by the 10-percent daily limit to 9.63 yuan, 13.20 yuan, and 7.08 yuan, respectively.

In the cement sector, 11 companies, including Xinjiang Tianshan Cement, Fujian Cement, and Tangshan Jidong Cement, rose to the 10-percent daily limit.