Economy

Markets

Industries

Insights

Reports

Events

Chinese shares climb to one-month high, boosted by heavyweights

(Xinhua)
Updated: 2009-09-17 17:29

Chinese equities closed 2.02 percent up on Thursday after an overnight US market rally, setting for the highest close since Aug 14, driven up by raw-materials related heavyweights.

The benchmark Shanghai Composite Index grew 60.55 points to finish at 3,060.26.

The Shenzhen Component Index closed up 1.45 percent, or 178.73 points, to end at 12,473.61.

Aggregate turnover expanded to 275.29 billion yuan ($40.31 billion) from 262.21 billion yuan on the previous trading day.

Gainers outnumbered losers by 796 to 71 in Shanghai and 706 to 57 in Shenzhen.

Raw-material related heavyweights boosted the gains on a commodity prices growth. Oil prices continued to rise on Thursday as US crude inventories decreased more than expected and Wall Street jumped to a one-year high. Light, sweet crude for October delivery rose $1.58, or 2.2 percent, to settle at $72.51 a barrel on the New York Mercantile Exchange Thursday.

PetroChina Co, the country's largest oil producer, added 1.85 percent to 13.79 yuan. Sinopec, China's leading oil refiner, climbed 2.91 percent to 12.37 yuan. China Shenhua Energy Co, the country's largest coal producer, rallied 3.36 percent to finish at 34.74 yuan.

Telecommunications and electronic stocks posted strong gains with 20 companies rising by the daily limit. China Unicom, the country's second largest telecom operator, added 4.33 percent to 6.98 yuan.