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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 optimism over stimulus plan AP - 1 hour 15 minutes ago SHANGHAI, China - Chinese shares climbed Thursday, shrugging off losses on other Asian markets, as newly released details of Beijing's economic stimulus plan helped to boost construction and other stocks. The benchmark Shanghai Composite Index jumped 3.68 percent, or 68.5 points, to close at 1927.61. The smaller Shenzhen Composite Index rose 4.15 percent to 522.58. Investors were encouraged by announcements that Beijing will cut taxes on exporters, give its ministries an extra 100 billion yuan ($15 billion) to spend this year and boost investment by a major state utility company. "As a series of government actions came out, opportunities for a market rebound are emerging," said Mao Nan, analyst for Oriental Securities. However, he cautioned, "there won't be a final upturn in the near future." The main Shanghai index is off some 70 percent since its peak in October 2007. "Many pessimistic investors are worried about the Chinese economy's slowdown, but their calculation was made based on the current economic figures without taking the government intervention into concern," Mao said. Construction stocks surged, benefiting from the promise of higher government spending on building new airports, highways and other projects. China Railway Erju Ltd. shot up the daily limit of 10 percent to 8.25 yuan, while China Railway Construction Corp advanced 8.81 percent to 10 yuan. Steel makers gained as more export rebates would facilitate the weakening industry. Baoshan Iron & Steel Ltd., China's biggest steel producer, posted a 4.79 percent gain to 5.47 yuan, while Liuzhou Iron & Steel Ltd., soared 8.39 percent to 3.23 yuan. Miners also led the surge with China Shenhua Energy Ltd., the country's biggest coal producer, up 4.67 percent to 19.93 yuan. Kailuan Clean Coal Ltd. soared by the maximum daily limit of 10 percent to 12.32 yuan. Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, jumped 2.54 percent to 4.04 yuan; Bank of China Ltd. added 2.77 percent to 3.34 yuan, while China Construction Bank, Ltd. rose 2.51 percent to 4.5 yuan. On currency trading, China's yuan weakened to 6.8301 to the U.S. dollar in over-the-counter trading around 0800 GMT, down from Wednesday's close of 6.8280. 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 shares rise on optimism over stimulus planAP - 1 hour 20 minutes ago TOPWRAP 4-Germany enters recession, China output growth hitReuters - 2 hours 54 minutes ago Sands says around 9,000 construction jobs could go at Macau siteAFP - Friday, November 14 Taiwan unveils 18-billion-dlr loan programmeAFP - Friday, November 14 Related Articles: Business China shares rise on optimism over stimulus planAP - 1 hour 20 minutes ago Europe, Asian markets down amid recession fearsAP - 1 hour 21 minutes ago Las Vegas Sands to fire up to 11,000 Macau workersAP - 1 hour 29 minutes ago LSE 1H profit up but cancels share buybackAP - 1 hour 37 minutes ago SABMiller says 1H profits rise, but demand slowsAP - 1 hour 38 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Germany in recession as US scraps toxic asset buy-up Oil price dives under 55 dollars per barrel in London View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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