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Chinese shares end higher to make fourth monthly advance
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16:01, April 30, 2009

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Chinese equities rose for a second trading day in a row Thursday, led by cement and machinery shares, leaving April as the fourth month in a row in which shares have risen.

The benchmark Shanghai Composite Index closed at 2,477.57 points, up 9.38 points, or 0.38 percent. The Shenzhen Component Index rose 1.27 percent to 9,502.52 points, up 119.31 points.

Gainers outnumbered losers by 614 to 220 in Shanghai and 526 to177 in Shenzhen.

Combined turnover climbed to 194.14 billion yuan (28.45 billion U.S. dollars) from 179.16 billion yuan on the previous trading day.

Cement and machinery shares led the gains after an executive meeting of the State Council, presided over by Premier Wen Jiabao Wednesday, decided to lower the threshold in terms of capital pooled into the projects for investment in city transportation, coal mining, airports, ports, commercial housing, railways, and roads.

It aimed to stimulate the investment enthusiasm from the public and companies and to better cope with the adverse effects of the global financial crisis.

Tangshan Jidong Cement Company rose 7.25 percent to end at 16.41 yuan. Guangdong Tapai Group Co., a cement producer, rose by the daily limit of 10 percent to 14.09 yuan.

Xuzhou Construction Machinery Science and Technology Co. rose by the daily limit of 10 percent to 30.01 yuan. Guangxi Liugong Machinery Co. rose by the daily limit of 10 percent to 18.81 yuan.

Property shares were also boosted by the government's decision made at the executive meeting Wednesday.

Gemdale Corp. gained 9.8 percent to 12.32 yuan and Vanke A-share rose 2.17 percent to 8.48 yuan.

Shanghai local shares continued to rise on the government's plan to turn the city into a financial center and a shipping center.

Shanghai Shentong Metro Co, rose by the daily limit of 10 percent to 9.21 yuan. Shanghai Industrial Development Co. rose by the daily limit of 10 percent to 15.06 yuan.

Source: Xinhua

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