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Chinese shares up 2.3% at midday, led by banks

(Xinhua)
Updated: 2009-01-19 11:52

Chinese shares ended Monday's morning session 2.3 percent higher after report of State-backed share purchases of the country's top three lenders.

The benchmark Shanghai Composite Index rose 45.01 points to 1999.45. The Shenzhen Component Index added 127.7 points, or 1.85 percent, to 7045.18.

Central Huijin Investment Co Ltd, an investment arm of the China Investment Corporation (CIC), had been "continuously" buying shares of China's top three commercial banks, said Lou Jiwei, chairman of the CIC, the country's sovereign wealth fund, on Friday.

Lou, who made the remarks at sideline of a press conference, didn't disclose how many of those shares had been purchased.

The news sent the financial sector 2.42 percent higher on Monday morning. Industrial and Commercial Bank of China (ICBC), the country's largest lender, closed 4.21 percent up at 3.71 yuan (55 US cents). China Construction Bank (CCB) gained 5.97 percent to 4.08 yuan. Bank of China (BOC) climbed 3.33 percent to 3.1 yuan. Bank of Communications surged 6.61 percent to 5.48 yuan.

Central Huijin started in September 2008 to buy shares of ICBC, CCB and BOC via the secondary market on the Shanghai and Shenzhen bourses. The move was aimed to shore up the banks' share prices amid stock market slumps.

The three banks said on September 23, 2008 that Central Huijin had increased holdings in each of them by 2 million shares. No further purchases had been reported since then.