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Chinese stocks rise 5.24%, ending 10-day losing streak

(Xinhua)
Updated: 2008-06-18 17:24

An investor checks stock prices at an electronic board at a stock trading hall Hefei, Anhui Province June 18, 2008. China's major stock index rose 5.24% Wednesday, ending its 10-day losing streak. [Xinhua]

Chinese shares rebounded remarkably on Wednesday as the benchmark Shanghai Composite Index closed 5.24 percent higher, ending 10-day losing streak.

The Shanghai Composite Index, which covers A and B shares, jumped 146.36 points to end at 2,941.12 points. The index, which opened at 2772.37 points, dropped to a 15-month low of 2729.41 points during the morning trade session.

The turnover stood at 71.25 billion yuan, up 62.5 percent over Tuesday's 43.84 billion yuan.

The Shanghai Composite Index had plunged about 19.2 percent since June 10, when Chinese shares took their biggest single-day plunge in more than one year.

The Shenzhen Component Index, which opened at 9,371.12, rose 5.02 percent, or 473.64 points, to close at 9903.14 points. Its turnover was 34.76 billion yuan.

Coal, energy and metal sectors were among the major driving force for the market's gains. Sinopec, Asia's top oil refiner, rose 9.97 percent while PetroChina, the country's largest oil producer, rose 5.58 percent.

Analysts said Wednesday's rise was probably a technical rebound after a 10-day losing streak and the Chinese stock prospect in the mid-term future was still full of uncertainties.