InfoAnda - China stocks rise on government support

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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 stocks rise on government support AP - Thursday, December 4 SHANGHAI, China - Chinese stocks rose in active trading Wednesday after Wall Street gained and a government fund announced a large purchase of shares in a major state-owned commercial bank. The benchmark Shanghai Composite Index jumped 4 percent, or 75.78 points, to close at 1965.41. The Shenzhen Composite Index for the country's smaller second exchange climbed 3.9 percent to 584.43. Financial stocks rose after Central Huijin Investment Company Ltd., a subsidiary of China's sovereign wealth fund, announced it bought more than 70 million shares of China Construction Bank Ltd., the country's second-largest commercial bank, between Sept. 23 and Nov. 28. Huijing said the purchases were meant to support the stock market, which has lost some 60 percent of its value over the past year. Investors also were encouraged by a 3.3 percent overnight rise in the Dow Jones Industrial Average, analysts said. Construction Bank rose 5.2 percent to 4.25 yuan and Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, added 2.9 percent to 3.87 yuan. Bank of China Ltd. climbed 3.2 percent to 3.23 yuan and midsize lender Pudong Development Bank Ltd. soared 6.9 percent to 12.9 yuan. Textile and garment companies, major exporters, jumped after recent sharp falls of the Chinese yuan against the U.S. dollar, which could help to boost exports by reducing the price of Chinese goods in foreign markets. The yuan weakened to 6.8910 to the U.S. dollar around 0800 GMT, down from Tuesday's close of 6.87860. Profits of Chinese exporters have been hurt by the sharp fall in demand due to the global economic slowdown. The government's Xinhua News Agency quoted Vice Premier Wang Qishan, a senior economic official, as saying the government would do its best to "stabilize the export market," though the report gave no details. Jiangsu Sanyou Group, a clothing exporter, advanced by the daily maxim of 10 percent to 3.63 yuan. Seven Wolves Industry Corp., a producer of men's suits, advanced 4.3 percent to 10.64 yuan. Shirt maker Shanshan Ltd. rose 4.2 percent to 5.5 yuan. 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 Wall Street heads for lower openAP - 21 minutes ago Job cuts, sick car sales, weak demand point to European rate cutsAFP - 49 minutes ago Emerging Markets-Stocks mixed, Romania leu sinksReuters - 1 hour 40 minutes ago China Yingli sees panel shipments up 60 pct in 2009Reuters - 2 hours 4 minutes ago Related Articles: Business SNAPSHOT - Financial Crisis - 1240 GMTReuters - 21 minutes ago FTSE-100 down 12.79 points at 4,110.07AP - 21 minutes ago Wall Street heads for lower openAP - 21 minutes ago GM exec: bankruptcy not an option for industryAP - 22 minutes ago GLOBAL MARKETS-Gloomy data hit stocks, rate cuts eyedReuters - 23 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Wall Street plunges as recession becomes reality Sweden to come to rescue of struggling carmakers Saab and Volvo World stocks tumble as economic fears deepen Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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