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Chinese shares edges up 0.2% on Wall Street rally

(Xinhua)
Updated: 2009-05-15 15:45

Chinese shares rose 0.2 percent Friday, lifted by an overnight Wall Street rebound which recovered from losing more than 2 percent on the previous trading day.

Related readings:  Chinese share up 0.38%, led by cement, machinery shares  China regulates SOE share transfers

The benchmark Shanghai Composite Index added 5.38 points to close at 2,645.26. The Shenzhen Component Index climbed 0.21 percent, or 21.08 points, to 10,273.23.

Combined turnover shrank to 169.5 billion yuan ($24.85 billion) from 191.2 billion yuan Thursday.

Gainers outnumbered losers by 448 to 321 in Shanghai and 410 to 235 in Shenzhen.

The three plans unveiled by the State Council, or the Cabinet, this week to support industry growth helped hold market confidence. The plans are aimed at stimulating development of machinery manufacturing, nonferrous metals and bio-industry.

Medical-related stocks continued to rise for a second day on a 62.8-billion-yuan central plan to support the development of bio-industry aimed at achieving breakthroughs in key technologies, such as transgenic products and new drug development.

Shares for southwestern Chongqing-based Holley Pharmaceuticals rose by the 10 percent daily limit to 5.45 yuan. Shenzhen Neptunus Bioengineering closed at 7.48 yuan, up 10 percent.

The market was also backed by the rise in some heavyweights. Shares for PetroChina, the country's largest oil producer, edged up 0.46 percent to 13.17 percent. China Coal Energy was up 2.32 percent to 11.91 yuan.