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Chinese shares up 1.74% on further govt stimulus

(Xinhua)
Updated: 2009-05-13 16:32

Chinese shares rose 1.74 percent to 2,663.77 points on Wednesday as investors confidence had been greatly boosted by the government's continuous stimulus efforts and initial recovery signs from April figures on industrial output and retail sales.

Related readings:  Chinese shares rebound above 2,600 points  Shares open higher on April economic data optimism  Chinese shares rise slightly  Shares soar on economic recovery hopes

The benchmark Shanghai Composite Index rose 1.74 percent, or 45.59 points, to close at 2,663.77. The Shenzhen Component Index edged up 1.13 percent, or 115.22 points, to 10,294.37.

Gains outnumbered losses by 514 to 315 in Shanghai and 475 to 242 in Shenzhen.

Combined turnover climbed to 222.89 billion yuan ($32.63 billion) from 176.3 billion yuan on Tuesday.

Retail sales rose 14.8 percent in April year on year to 934.32 billion yuan, the National Bureau of Statistics (NBS) announced Wednesday.

The growth rate was 0.1 percentage point higher than in March.

Industry support plans for the machinery and nonferrous metal sectors, released on Tuesday and Monday respectively, were also helping maintain economic growth, the analysts said.