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Chinese shares continue to surge, led by heavyweights
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15:18, October 31, 2007

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China's major stock index soared 2.6 percent on Tuesday following a rally of 2.86 percent on the previous trading day.

The Shanghai Composite Index, which covers both A and B shares, closed at 5,897.19 points. The Shenzhen Component Index on the smaller bourse ended at 19,034.57 points, up 1.07 percent.

Their combined turnover rose to 133.1 billion yuan (17.8 billion U.S. dollars) on Tuesday, compared with 123.1 billion yuan on Monday.
Most of the heavyweight shares in sectors such as banking and coal led the gains.

The Industrial and Commercial Bank of China, the country's largest commercial lender, climbed 6.85 percent to 8.73 yuan and China Construction Bank rose 4.73 percent to 10.86 yuan.

The share price of the Bank of China reached 7.17 yuan, up 4.06 percent and that of China Merchants Bank inched up 0.7 percent to 44.84 yuan.
The newly-listed China Shenhua, the country's largest coal producer, rose five percent to 82.95 yuan.

In Shanghai, Sinopec rose 5.27 percent to 26.15 yuan following its announcement of a 46.7 percent surge in net profits for the first three quarters. The country's largest oil refiner said in a statement that the profit rise came largely from the refining sector thanks to lower crude oil prices.

Steel shares, however, performed sluggishly with Baosteel, the nation's biggest steel producer, declining 1.31 percent to 18.88 yuan, and with Shougang, another major firm, falling 1.15 percent to 7.71 yuan.


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