Markets

Chinese shares up 1.17% led by real estate firms

(Xinhua)
Updated: 2009-10-14 15:45

Chinese equities rose 1.17 percent Wednesday, driven by real estate stocks.

The benchmark Shanghai Composite Index rose 34.34 points, or 1.17 percent, to end at 2,970.53.

The Shenzhen Component Index rose 101.01 points, or 0.85 percent, to close at 11,975.91.

Combined turnover expanded to 216.93 billion yuan ($31.76 billion) from 138.52 billion yuan on the previous trading day.

Gainers outnumbered losers by 639 to 205 in Shanghai and 507 to 231 in Shenzhen.

Real estate shares led the gains, with China State Construction Engineering Corp, the country's largest housing contractor, rising 10 percent, the daily limit, to 5.25 yuan.

China Vanke Co, the nation's biggest listed property developer, gained 3.82 percent to 11.42 yuan, and China Merchants Property Development Co rose 5.2 percent to 27.30 yuan.

Increasing oil prices boosted energy stocks. PetroChina, China's biggest oil producer, climbed 1.45 percent to 13.31 yuan. Sinopec, the country's largest oil refiner, rose 2.04 percent to 11.98 yuan.

Analysts said the market was driven up by figures issued Wednesday by the General Administration of Customs, showing China's foreign trade continued to fall in September, but the decline rate slowed sharply.