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Chinese shares surge over 4%, led by banks and oils

(Xinhua)
Updated: 2008-12-03 17:24

BEIJING - Chinese equities staged a big rally on Wednesday, with the key Shanghai index rising over four percent, which was led by gains for heavyweight banks and oils.

The benchmark Shanghai Composite Index, which covers both A and B shares, closed at 1965.41 points, up 4.01 percent or 75.78 points. The smaller Shenzhen Component Index added 245.26 points, or 3.61 percent, to close at 7041.07 points.

Related readings:  Chinese shares open 0.73% higher  Shares close mixed amid global losses  Shares dip almost 5% on grim US, mainland data  Shares close mixed on dive of peripheral markets

Gainers outnumbered losers by 860 to 6 in Shanghai and by 739 to 3 in Shenzhen. Combined turnover was up to 132.78 billion yuan (US$19.4 billion).

The surge came after China Securities Regulatory Commission chairman Shang Fulin said the regulator was considering allowing institutional investors to invest more in the equity market.

The banking sector, which has been weak and dragging down the indices over the past weeks, put up an upbeat performance after China Construction Bank (CCB) said in a stock-filing that the Central Huijin Investment Co., Ltd., an investment arm of sovereign wealth fund the China Investment Corporation, had increased its CCB A-shares to 70.8 million by November 28.

CCB, also listed in the Hong Kong stock market, also said Bank of America had bought 19.6 billion of its H-shares from Central Huijin.

As a result, nearly 20 bank stocks rose by 5.30 percent on average. CCB gained 5.20 percent to end at 4.25 yuan. The Industrial and Commercial Bank of China, the country's largest lender, rose nearly three percent to 3.87 yuan. Bank of China added 3.19 percent to finish at 3.23 yuan.

Shanghai Pudong Development Bank, China Merchants Bank and Industrial Bank all jumped by more than six percent to end at 12.90 yuan, 12.49 yuan and 14.69 yuan, respectively.

Oils also gained significantly and helped push up the indices.

PetroChina, the largest component of the key Shanghai index, rose 2.25 percent to 11.40 yuan. Sinopec, another heavyweight, added 4.42 percent to 8.27 yuan.

Insurers also rebounded from their weak performance in the last two days.

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