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Shares close slightly higher Monday
Date:2010/11/16      View:763
 
Chinese shares closed slightly higher Monday from an almost 15-month low the previous trading day, as banks rebounded.

The benchmark Shanghai Composite Index was up 0.97 percent, or 28.98 points, to close at 3,014.41.

The Shenzhen Component Index rose 0.64 percent, or 81.55 points, to end at 12,808.09.

Combined turnover declined to 355.3 billion yuan (51.5 billion U.S. dollars) from 447.3 billion yuan the previous trading day.

Gainers outnumbered losers 720 to 165 in Shanghai and 979 to 122 in Shenzhen.

Banks rebounded with Industrial and Commercial Bank of China Ltd., the nation's largest lender, up 6.84 percent to 5 yuan. Bank of Communications rose 2.07 percent to 5.93 yuan.

The pharmaceutical sector surged. Tonghua Dongbao Pharmaceutical Co. Ltd. rose by the daily limit of 10 percent to 19 yuan. Zhejiang Conba Pharmaceutical Co. Ltd. also gained 10 percent to 18.92 yuan.

Stocks on China's Nasdaq-style board ChiNext were strong at the close. Spearhead Integrated Marketing Communication Co. Ltd. rose by the daily limit of 10 percent to 34.27 yuan. Jiangxi Sanchuan Water Meter Co. Ltd. gained 10 percent to 54.08 yuan.

The markets saw their biggest drop since Aug. 31 last year on Friday as investors feared more interest rate rises after inflation hit a 25-month high in October.

To stem the imminent inflation risks, China's central bank raised the lending and deposit rates by 25 basis points on Oct. 20, the first such move in three years.

It also hiked the deposit reserve requirement ratio for Chinese financial institutions by 50 basis points from Nov. 16, which was expected to freeze more than 300 billion yuan.

Analysts said the quantitative easing policies by the U.S. Federal Reserve might result in further hot money inflows into emerging economies like China, and complicate the country's fight against inflation.
 
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