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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 buying by government fund AP - Tuesday, January 20 SHANGHAI - Chinese shares rose Monday after an arm of the country's sovereign wealth fund said it was buying more shares of major banks. The benchmark Shanghai Composite Index gained 1.7 percent, or 32.23 points, to close at 1986.67. The Shenzhen Composite Index for China's smaller second exchange, edged up 0.1 percent to 601.25. Buying sentiment was encouraged by a statement Friday by the chairman of China Investment Corp. that its Central Huijin unit was buying shares of the Industrial & Commercial Bank of China Ltd., the China Construction Ltd. and Bank of China Ltd. The fund started buying shares in September to shore up prices. But analysts said the gains wouldn't last long as earnings of banks were dismal following an economic slowdown and repeated interest rate cuts. "Looking back the past three months, most rallies on government policies were brief," said Zhang Xiang, an analyst for Guodu Securities in Beijing. ICBC, China's biggest commercial lender, rose 3.4 percent to 3.68 yuan. China Construction Bank increased 4.9 percent to 4.04 yuan, while Bank of China climbed 3.3 percent to 3.1 yuan. Ping An Insurance Ltd. posted a 2.8 percent gain to 30.34 yuan, while China Life Insurance Ltd. added 1.7 percent to 20.19 yuan. Petrochemical shares shot up on hopes the government would soon issue promised stimulus plans for the industry. Heavyweight China Petroleum & Chemical Corp., also known as Sinopec, Asia's biggest refiner by volume, advanced 5 percent to 7.80 yuan, while PetroChina Ltd., Asia's biggest oil and gas producer, leapt 2.4 percent to 10.57 yuan. Chemical fertilizer producers also climbed. Yunnan Salt & Chemical Industry Co. surged 8.4 percent to 11.18 yuan and Qinghai Salt Lake Potash Co. added 4.9 percent to 40.58 yuan. In currency markets, China's yuan strengthened to 6.8366 to the U.S. dollar, up from Saturday's close of 6.84211. 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 CITIC Bank sees 2008 net up about 60 pctReuters - 30 minutes ago European markets buoyed by British bank bailoutAP - 38 minutes ago China's Baosteel raises March prices after Feb hikeReuters - 1 hour 2 minutes ago European markets jump as UK announces bailout planAP - 2 hours 26 minutes ago Related Articles: Business Singapore's K-REIT announces S$1 bln medium-term noteReuters - 41 minutes ago Oil prices drop as weak demand bitesAFP - 48 minutes ago Indian swaps steady; traders seek rate cuesReuters - 51 minutes ago Russia's Wimm-Bill-Dann secures credit lineReuters - 52 minutes ago China's Baosteel raises March prices after Feb hikeReuters - 1 hour 2 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed 'Overwhelming emotion' at star-studded inaugural concert Zimbabwe unveils $100 trillion banknote 'Dogs don't wear condoms,' says Baywatch star Anderson Faulty gene condemns millions in India to heart disease: study Hamas announces one-week truce after Israel ceasefire View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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