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China shares rise on strong economic data

(Agencies)
Updated: 2009-07-17 17:10

SHANGHAI: Chinese shares rebounded Friday on strong second-quarter economic data even as investors worried the government's easy credit policies might change.

The benchmark Shanghai Composite Index added 6 points, or 0.2 percent, to close at 3,189.74, ending the week up by 2.4 percent. The Shenzhen Composite Index for China's smaller second exchange inched up 0.7 percent to 1084.39.

The market was driven by Thursday's announcement that second-quarter economic growth accelerated to 7.9 percent, boosted by an investment boom fed by a flood of stimulus spending and bank lending.

"The market will advance further on recovery hopes, but investors are also mulling whether the relaxed monetary policies might be adjusted in the next half of year," said Zhang Xiuqi, an analyst for Guotai Junan Securities in Shanghai.

Related readings:  Smaller contraction in June FDI positive for economy  High gas prices good for economy, ecology  Global economy weakened; spotlight on China  Economy to grow 8% in '09: State Info Center

The upsurge in credit has helped to drive up Chinese stock prices by 75 percent this year.

Resources shares led the rally on higher commodity prices.

Aluminum Corp. of China and Yanzhou Coal Mining Co. both advanced by the daily 10 percent limit, Chinalco ending at 15.06 yuan and Yanzhou coal at 18.21 yuan.

Jiangxi Copper Co. added 7.2 percent to 39.91 yuan, while China Shenhua Energy Co., the country's biggest coal producer, rose 4.1 percent to 34.33 yuan.

Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, and Bank of China Ltd. both fell 1.3 percent, ICBC to 5.24 yuan and Bank of China to 4.45 yuan.

In currency markets, the yuan weakened to 6.8328 to the US dollar, down from Thursday's close of 6.8324.