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Chinese shares gain 4.76% after National Day holidays

BEIJING: Chinese equities rose 4.76 percent Friday, the first day of trading after week-long National Day holidays, driven by gains in overseas markets.

The benchmark Shanghai Composite Index grew 132.29 points, or 4.76 percent, to end at 2,911.72.

The Shenzhen Component Index gained 594.39 points, or 5.30 percent to close at 11,801.23.

Combined turnover rose to 145.52 billion yuan (US$21.31 billion) from 108.18 billion yuan on the previous trading day.

A total of 876 shares gained at closing in Shanghai, 34 closed flat, but no shares edged down. Gainers outnumbered losers by 774 to one in Shenzhen and 46 closed flat.

The resource-related stocks climbed after gold hitting a record high above US$1,059.60 an ounce the previous day.

Zijin Mining Group Co., China`s largest gold producer, gained by the 10 percent daily limit to 9.34 yuan. Jiangxi Copper Co., China`s biggest copper producer, gained by the 10 percent daily limit to 37.59 yuan.

Zhongjin Gold Corp., China`s second largest gold producer by market value, surged 10 percent to 59.68 yuan. Shandong Gold Mining Co. Ltd. jumped 10 percent to 64.90 yuan.

Analysts said investors` worries were relieved after Chinese economy showed positive signs during the holidays.

China`s retail sales during the seven-day National Day holiday and one-day Mid-Autumn holiday hit a new high to about 570 billion yuan, up 18 percent from the same period last year, the Ministry of Commerce said on its web-site Thursday.

Despite positive factors, Chinese equities market also faces negative factors.

China`s export pressure grew after the European Union (EU) imposed anti-dumping tariffs on Chinese seamless steel pipes on Tuesday. The five-year duties range from 17.7 percent to 39.2 percent.

Date:2009-10-9 19:46:00     
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