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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China shares rise on industry stimulus plan hopes AP - 2 hours 55 minutes ago SHANGHAI - Chinese shares extended gains Tuesday on hopes the government's stimulus plan for petrochemical sector will be released soon, bucking falls around the region. The benchmark Shanghai Composite Index opened lower but rebounded in the afternoon trading, closing up 1.4 percent, or 7.44 points, at 1,994.11. The Shenzhen Composite Index for China's second exchange rose 0.9 percent to 606.81. Elsewhere in Asia, Japan's benchmark Nikkei 225 and Hong Kong's Hang Seng Index fell sharply on woes in banking sectors. Premier Wen Jiabao had told a cabinet meeting Monday that quick action was needed to pull the country out of the economic slump as soon as possible, according to a government statement. The premier's remarks didn't refer to any new policies, but it reflected a decisive attitude of the government toward the economy, which is helping restore confidence in the market, analysts said. Mao Sheng, an analyst of Huaxi Securities in a western city of Chengdu, said buying sentiment the rest of this week would largely depend on the Wall Street's performance after Barack Obama is inaugurated as U.S. president. "Investors are cautious, as it is unclear what might happen on global markets," he said. Refiners shot up in the afternoon, with China Petroleum & Chemical Corp. increasing 1.4 percent to 7.91 yuan. Heavyweight PetroChina Ltd., Asia's biggest oil and gas producer, narrowed losses, closing down 0.4 percent at 10.53 yuan. Steel makers were cheered by the news that Baoshan Iron and Steel Ltd., China's biggest steel producer, raised prices for key steel products for March. Baoshan jumped 1.7 percent to 5.35 yuan, while Maanshan Iron & Steel Co. posted a gain of 2.6 percent to 3.58 yuan. Medical shares also gained after China reported several bird flu death cases recently. Northeast Pharmaceutical Group Co. surged the daily maximum of 10 percent to 15.1 yuan, while Zhejiang Medicine Co. gained 4.9 percent to 16.17 yuan. In currency markets, China's yuan weakened to 6.8379 to the U.S. dollar, down from Monday's close of 6.83461. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China's Angang expects '08 earnings to slump 55 pctReuters - 21 minutes ago Gas deal threatens Ukraine's crisis-hit economyReuters - 46 minutes ago Gas flow via Ukraine to Slovakia resumes - ministerReuters - 51 minutes ago Russia gas deal to hit Ukraine's economy:officialReuters - 1 hour 34 minutes ago Related Articles: Business Russia eyes '09 budget deficit, '08 surplus shrinksReuters - 20 minutes ago China's Angang expects '08 earnings to slump 55 pctReuters - 21 minutes ago Toyota names founder's grandson as new presidentAFP - 21 minutes ago Two Merrill execs in Asia leave firm-sourcesReuters - 22 minutes ago German data fail to lift gloom as world waits on ObamaReuters - 23 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed 'Overwhelming emotion' at star-studded inaugural concert 'Dogs don't wear condoms,' says Baywatch star Anderson Zimbabwe unveils $100 trillion banknote Faulty gene condemns millions in India to heart disease: study Fairy godfather invites disadvantaged to inaugural ball View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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