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Chinese shares hit one-year high, driven by heavy weights (06/29/09)


BEIJING, June 29 (Xinhua) -- Chinese equities rose to a one-year high on Monday, driven by heavyweights.

The benchmark Shanghai Composite Index climbed up 47.1 points, or 1.61 percent, to close at 2,975.31. The Shenzhen Component Index rose 192.34 points, or 1.69 percent to end at 11,605.51.

Total turnover expanded to 205.88 billion yuan (30.7 billion U.S. dollars) from 196.76 billion yuan on the previous trading day.

Gainers outnumbered losers by 492 to 268 in Shanghai and 366 to 301 in Shenzhen.

Heavyweights went strong on Monday. PetroChina, China's largest oil company, rose 3.22 percent to stand at 14.44 yuan. China Shenhua, the country's leading coal mining company, jumped 7.89 percent to end at 29.82 yuan at the news that the Inner Mongolia Autonomous Region would levy a tax on coal mining companies but the new tax would have little impact on China Shenhua.

Real estate stocks also gained a good momentum as more banking loans are expected to flow into the housing market. The real estate index was up 2.68 percent as most of the real estate companies closed higher.

Inflation estimation boosted retail consumption-related stocks, as investors expected them to benefit from price rise. Major meat products provider Henan Shuanghui jumped 4.25 percent to 37.5 yuan, and top liquor producer Kweichou Moutai gained 7.82 percent to 147.72 yuan.

Zhejiang WHWH Industry Co. has climbed by daily limit of 10 percent for five straight trading days since it resumed trading after announcing a plan to swap assets with mining company TianbaoMining Co..

Guilin Sanjin started subscription for its initial public offering (IPO) on Monday. As it planned to raise merely about 910 million yuan (135.8 million U.S. dollars), the company's IPO did not cause much fluctuation on the market.

The overseas market was sluggish. Nikkei Index, the major index on the Japanese market, closed about one percent lower. Hang Seng Index on the Hong Kong market was down by 16.15 points or 0.09 percent.


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