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Investors are seen at a stock trading
hall in Lanzhou, capital of northwest China's Gansu Province, June 1,
2009. Chinese shares jumped 3.36 percent on Monday, driving the benchmark
Shanghai Composite Index to a nearly 10-month new high since early August
last year. The Shanghai Composite Index gained 3.36 percent, or 88.35
points, to close at 2,721.28 points on Monday. (Xinhua/Han Chuanhao)
Photo
Gallery>>> |
BEIJING, June 1 (Xinhua) -- Chinese shares jumped
3.36 percent Monday, the first trading day after the traditional Chinese Dragon
Boat Festival that Thursday, driving the benchmark Shanghai Composite Index to a
nearly 10-month new high since early August last year.
The Shanghai Composite Index gained 3.36 percent, or 88.35 points, to close at 2,721.28 points Monday.
The Shenzhen Component Index rose 2.9 percent, or
293.42 points, to 10,421.34.
Gains outnumbered losses by 762 to 90 in Shanghai and
628 to 93in Shenzhen.
Combined turnover expanded to 225.23 billion yuan
(32.99 billion U.S. dollars) Monday from 161.26 billion yuan on the previous
trading day.
The Shanghai Composite Index climbed more than 47
percent since the beginning of this year.
Investor confidence was heartened as China Federation
of Logistics and Purchasing announced Monday that the country's Purchasing
Managers' Index (PMI) stood at 53.1 in May, the third consecutive month with the
gauge above the 50 mark, showing fresh sign of life in the manufacturing sector.
The Shanghai Composite Index opened 1.35 percent
higher at 2668.4 points Monday, advanced by petrochemical, gold and property
equities, echoing the rally on neighboring markets.
Investor sentiment was lifted for petrochemical
large-caps, as China's National Development and Reform Commission, the country's
top economic planner, announced Sunday its plan to raise gasoline and diesel
retail prices by 400 yuan per tonne starting on Monday.
PetroChina, the country's largest oil producer,
jumped 4.89 percent to 14.17 yuan, while Sinopec, Asia's top oil refiners, edged
up 1.06 percent to 10.49 yuan.
Gold shares continued to gain momentum on rising gold
prices and a U.S. dollar slide, dealers said. Zhongjin Gold rocketed 9.49percent
to 84.01 yuan, while Shandong Gold Mining surged by the daily limit of 10
percent to 48.95 yuan.
The property sector gained ground Monday as the State
Council (Cabinet) reduced the investment threshold for property developers, the
first such move in 13 years, Li Xuesong, an expert with China Real Estate
Association, told Xinhua Monday.
The Cabinet announced on May 27, the last trading day
before the Dragon Boat Festival, the minimum capital requirements for starting a
new commercial property or an affordable housing project had been lowered from
35 percent of the total project costto 20 percent, a move to ease developers'
capital strain and stabilize housing prices.
China Vanke, the largest property developer by market
value, gained 4.31 percent to 10.16 yuan, while Poly Real Estate jumped 5.71
percent to 22.6 yuan.
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