Chinese shares close up 0.85% on telecom equipment makers, media stocks

19:01, April 09, 2010      

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Chinese equities snapped a two-day losing streak Friday and rose 0.85 percent on the back of gains by telecom equipment makers and media companies.

The benchmark Shanghai Composite Index jumped 0.85 percent, or 26.64 points, to end at 3,145.35 points.

The Shenzhen Component Index closed 1.03 percent, or 128.12 points, higher at 12,555.12.

Combined turnover fell to 244.72 billion yuan (35.99 billion U.S. dollars) from 258.44 billion yuan the previous trading day.

Telecom equipment makers rallied after eight government ministries announced plans Thursday to support 3G network construction.

ZTE Corporation, China's leading telecom equipment maker, rose 2.92 percent to 42.30 yuan, while Shanghai Potevio Co. Ltd jumped 5 percent to 15.4 yuan.

Media companies also gained after the government issued a national policy guideline Thursday designed to enhance financial support for the country's cultural industries.

Huayi Bros. Media Group, China's most profitable private film company, rose 8.7 percent to 68 yuan, while China Television Media Ltd. ended up 2.91 percent at 21.54 yuan.

Source: Xinhua


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