Stocks News
- Chinese A-shares slightly higher on bargain hunting
Date: 5-Dec-2007 Sources: (Xinhua Online)
BEIJING, Dec. 4 (Xinhua) -- Chinese shares remained mixed on Tuesday as A-shares gained ground on bargain hunting while B-shares experienced a technical correction.
Baoshan Iron and Steel rose 5.22 percent to 15.53 yuan (2.09 U.S. dollars) following a rumor about a possible bid by its parent company Bao steel Group for Britain-based mining giant Rio Tinto.
Both Baoshan Iron and Steel and its parent company declined to comment.
China Railway Group, which made a strong debut on the Shanghai bourse on Monday when its shares rose 68.54 percent higher than its 4.8 yuan initial public offering price, dropped 3.21 percent to 7.83 yuan.
The railway construction will launch on the Hong Kong Stock Exchange on Friday.
In Tuesday trading, the benchmark Shanghai Composite Index rose 47.28 points, or 0.97 percent, to close at 4,915.89.
On the smaller Shenzhen Stock Exchange, the Shenzhen Component Index ended at 16,065.17 points, up 232.18 points, or 1.47 percent.
Gains outnumbered losses by 516 to 350 in Shanghai, and by 386 to 253 in Shenzhen.
The combined turnover of the two bourses declined to 87.3 billion yuan (11.8 billion U.S. dollars) from 97.8 billion yuan onMonday.
Market observers said PetroChina, the country's largest oil producer which accounts for approximately 25 percent of all counters for the major Shanghai Index, managed to reverse a downward slide and contributed to the indicator's upward movement. It rose to 300.59 yuan, up 0.49 percent.
Sinopec, the country's largest oil refiner, increased 2.81 percent to 21.59 yuan.
In the financial sector, China Life, the country's biggest life insurer, increased 1.45 percent to 58.15 yuan. Fellow insurer China Ping An rose 2.92 percent to 116.83 yuan.
The Industrial and Commercial Bank of China increased 0.87 percent to 8.15 yuan, while Bank of China rose 1.39 percent to 6.58 yuan.
The Hushen 300 Index which tracks one fifth of A-shares and B-shares on both Chinese bourses, rose 56.33 points, or 1.18 percent, to close at 4,829.21 points.
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