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China stocks close 1.97% higher, led by banking shares

(Xinhua)
Updated: 2008-12-18 16:16

BEIJING - A strong rally of banking shares within an hour before the closing pushed China stock prices up by 1.97 percent Thursday, after government stimulus plans to boost the real estate sector failed to bolster the market in the earlier session.

The benchmark Shanghai Composite Index finished the day at 2,015.69 points, up 38.88 points. The smaller Shenzhen Component Index advanced 125.6 points, or 1.72 percent, to 7,412.47.

The combined turnover in Shanghai and Shenzhen reached 109.49 billion yuan (US$16 billion), slightly higher than a heavy trading of 104.74 billion yuan registered on the previous day.