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Chinese shares up 2.14% on confidence booming

(Xinhua)
Updated: 2009-04-20 15:56

Chinese shares rose 2.14 percent Monday, after the country's Premier said the stimulus package plan has shown positive results on Saturday.

Related readings:  China to restart new stock issuance after reform  Hong Kong stocks up 0.12% on Friday  Chinese shares down 1.19% on Friday  China Zhongwang IPO to raise up to $1.6b

"China's economic stimulus package plan is already paying off, and positive changes have taken place in the economy," Premier Wen Jiabao said Saturday at the opening ceremony of the Boao Forum for Asia annual conference 2009.

The benchmark Shanghai Composite Index rose 53.52 points or 2.14 percent to finished at 2,557.46 points. The Shenzhen Component Index added 2.23 percent, or 213.58 points, to close at 9,793.64.

Gains outnumbered losses by 731 to 61 in Shanghai and 625 to 54 in Shenzhen.

Combined turnover was 222 billion yuan ($32.5 billion), compared with the previous trading day's 241.24 billion yuan.

Centrally-administrated State-owned enterprises gained, as these types of enterprises realized a 26 percent growth in profits in March year on year, according to figure from State-owned Assets Supervision and Administration Commission on Sunday.

Sinopec, the leading oil refiner in Asia, rose 4.18 percent to 9.97 yuan; PetroChina, which accounted for one quarter of the market value, added 2.23 percent to close at 11.93 yuan.

The country's air carriers also outperformed, as the companies are expected rising profits in the first quarter.

Air China, the country's top carrier, gained 8.64 percent to 7.29 yuan, while China Southern Airlines rose 5.85 percent to 6.33 yuan.