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Chinese shares end higher on Thursday

(Xinhua)
Updated: 2009-07-30 15:56

Chinese equities recovered Thursday from Wednesday's plunge after the central bank pledged Wednesday night to firmly stick to the moderately easy monetary policy and consolidate the recovery momentum of the economy.

The benchmark Shanghai Composite Index rose 1.69 percent, or 55.13 points, to finish at 3,321.56.

The Shenzhen Component Index gained 1.54 percent, or 201.94 points, to end at 13,272.53.

Combined turnover shrank to 337 billion yuan ($49.32 billion) from Wednesday's record high of 429.1 billion yuan.

Chinese shares ended 5 percent lower Wednesday, as investors cashed in on hefty gains of the past five trading days.

Gainers outnumbered losers by 548 to 305 in Shanghai and by 455 to 288 in Shenzhen.

Related readings:  PBOC reaffirms moderately loose monetary policy  Regulator plans steps to plug IPO loopholes  Shares of CSCEC jump 56.22% on debut  Automobile firms may test IPO waters

China would stick firmly to its moderately easy monetary policy and consolidate the momentum of the economy, Su Ning, vice governor of China's central bank, said late Wednesday.

He said that in the second half, the central bank would use a set of monetary policy mixes to coordinate a "reasonable" credit structure based on market rules, and to ensure more loans for major infrastructure construction and technology innovation.

Bank shares led the rise, boosted by the central bank's stance. Shenzhen Development Bank rose by the daily limit of 10 percent to close at 26.18 yuan. Shanghai Pudong Development Bank advanced 7.52 percent to 26.89 yuan.

Steel stocks also performed well after China's 71 major steel enterprises reported 3.55 billion yuan in profits in June, lifting from May's profits of 1.04 billion yuan, data from the China Iron and Steel Association showed.

Bengang Steel Plates Co rose 5.83 percent to 9.80 yuan and Baoshan Iron and Steel Co climbed 4.54 percent to 9.45 yuan.

Property shares remained weak with Shenzhen Zhenye Co down 6.88 percent to 13.39 yuan and Zhongtian Urban Development Group Company losing 3.86 percent to 16.70 yuan.