Money
Chinese shares rise on Friday
(Xinhua)
Updated: 2010-01-15 16:24
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Chinese equities edged up for the second straight day Friday, led by real estate developers stocks.
The benchmark Shanghai Composite Index rose 0.27 percent, or 8.6 points, to close at 3,224.15 points.
The Shenzhen Component Index gained 0.46 percent, or 60.18 points, to close at 13,264.37 points.
Combined turnover totaled 258.9 billion yuan ($37.9 billion), shrinking from 287.01 billion yuan on the previous trading day.
Gainers outnumbered losers by 541 to 310 in Shanghai and 494 to 307 in Shenzhen.
Shares of real estate developers advanced, led by Wolong Real Estate Group Co, which surged by the daily 10-percent limit to 16.97 yuan after it announced an annual 33.3-percent increase in 2009 net profits.
The real estate sector was also buoyed by housing price rises in December, which surged 7.8 percent from a year earlier in 70 major cities, said Bai Taiping, analyst with the Bozhong Research Institute.
Automaker stocks also gained, boosted by market talk that the government was likely to release a support plan for the development of new-energy-powered vehicles in the first quarter of this year.
Shares of the Dongfeng Automobile Co increased 1.81 percent to 6.74 yuan. The SAIC Motor Corp. gained 1.45 percent to 23.09 yuan.
Wuliangye Yibin Co, one of China's top liquor producers, added 0.38 percent to 31.56 yuan on price increases. Kweichow Moutai Co, gained 0.79 percent to 169.87 yuan.
