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Chinese shares surge 4.8% on regulator assurance

(Xinhua)
Updated: 2009-09-03 16:00

Chinese equities climbed Thursday after the country's securities regulator said it would take measures to promote the steady and healthy development of the market.

The benchmark Shanghai Composite Index rose 4.79 percent, or 130.05 points, to finish at 2,845.02. The Shenzhen Component Index advanced 6.19 percent, or 665.1 points, to end at 11,404.05.

Combined turnover increased to 213.54 billion yuan ($31.27 billion) from 137.04 billion yuan on the previous trading day.

Related readings:  Hong Kong stocks close 1.23% higher on Thursday

Liu Xinhua, vice chairman of the China Securities Regulatory Commission, the industry regulator, said late Wednesday that the country would deepen reforms of the security market to promote its steady and healthy development.

All sectors gained and no stock declined on the two bourses. Gainers outnumbered the unchanged by 874 to 36 in Shanghai and 763 to 43 in Shenzhen.

The non-ferrous metal sector led the gain, boosted by higher prices on the global market. Shares of Zhongjin Gold Corp Ltd and Shandong Gold Group Co Ltd both climbed by the daily 10 percent limit to 52.31 yuan and 51.69 yuan respectively. Jiangxi Copper Corp soared its daily limit of 10 percent to 35.17 yuan.

Gold futures on the COMEX Division of the New York Mercantile Exchange jumped to a three-month high on Wednesday as the dollar weakened upon disappointing jobless data. Silver and platinum both ended higher.

The gold price for December delivery gained 2.2 percent to finish at $978.50 an ounce, touching as high as 981.40, the highest level since June 4. December silver ended at $15.365 per ounce, up 30.5 cents. October platinum gained $3.30 to $1,230.10 an ounce.

Auto makers' shares gained as investors bet on increasing car sales. SAIC Motor shot up 6.73 percent to 18.55 yuan. Chongqing Changan Automobile surged 7.44 percent to 10.25 yuan. FAW Car Co Ltd gained 8.14 percent to 17.01 yuan.

Both General Motors and Ford Motor said Wednesday that their August sales in China more than doubled compared with the same period last year, boosted by the government's policies to stimulate car buying.