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Chinese shares up 1.78% as govt supports buoy confidence

(Xinhua)
Updated: 2009-01-16 19:03

Chinese equities gained Friday as investor confidence in the government's economic support efforts began to firm, analysts said.

The Shanghai Composite Index gained 34.23 points, or 1.78 percent, to 1,954.44. The Shenzhen Component Index added 1.75 percent, or 118.95 points, to close at 6,917.48.

Combined turnover expanded to 147.14 billion yuan ($21.51 billion) from 124.9 billion yuan the previous trading day.

Bank shares rose on reports that Lou Jiwei, chairman of the State-owned China Investment Corp, said the organization had been buying the Hong Kong-listed shares of three major banks.

The Industrial and Commercial Bank of China rose 2.01 percent to 3.56 yuan. China Construction Bank added 4.05 percent to 3.85 yuan and Bank of China was up 1.69 percent to 3 yuan.

Shares of home appliance manufacturers also gained, buoyed by reports that the government would subsidize home appliance purchases in rural areas to boost consumption. China will offer a 13-percent subsidy nationwide for farmers who buy home appliances, starting February 1.

Shares of TV set producers Kongka Enterprise and Hisense Group rose 1.19 percent and 1.32 percent to 3.39 yuan and 6.93 yuan, respectively. Midea was up 3.39 percent to 8.54 yuan.

Investor confidence has been buoyed by announcements involving several government support packages, said Qilu Securities analyst Li Hongyan.

The State Council, or cabinet, unveiled a long-awaited package for the vehicle and steel sectors Wednesday to boost these two pillar industries.

The government also plans stimulus measures for eight other major industries.