Top Biz News

Chinese shares close up 1.61%

(Xinhua)
Updated: 2009-12-05 09:29

Chinese equities rose Friday with the benchmark Shanghai Composite Index up 1.61 percent, or 52.42 points, to close at 3,317.04, led by heavyweights.

The Shenzhen Component Index increased 0.91 percent, or 125.09 points, to close at 13,884.93.

Combined turnover rose to 406.55 billion yuan ($59.52 billion) from 314.94 billion yuan on the previous trading day.

Losers outnumbered gainers by 686 to 185 in Shanghai and 697 to117 in Shenzhen.

Most heavyweights gained. Industrial and Commercial Bank of China Ltd, the nation's biggest listed lender, gained 2.85 percent to 5.41 yuan. China Vanke Co, the country's biggest listed property developer, rose 3.37 percent to 11.97 yuan. PetroChina Co, the country's largest oil producer, was up 3.33 percent to 13.97 yuan.

"Signals from the government reassured investors on the continuity of the positive macro-economic policies and boosted the heavyweights in the banking, chemical and coal sectors," said Zhang Xiang, an analyst with Guodu Securities.

A meeting of the Political Bureau of the Communist Party of China Central Committee agreed last Friday that the country would continue the proactive fiscal policy and moderately easy monetary policy next year.