Chinese shares rebound above 3,000 points on bargain hunting

09:40, April 22, 2010      

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Chinese equities rebounded Wednesday from the biggest daily fall in eight months earlier this week as bargain hunters shifted their capital to the health-care and retail sectors.

The benchmark Shanghai Composite Index on the Shanghai Stock Exchange ended at 3,033.28 points, up 53.57 points, or 1.8 percent.

The Shenzhen Component Index rose 1.97 percent, or 227.84 points, to close at 11,766.82 points.

Total turnover expanded to 271.39 billion yuan (39.73 billion U.S. dollars) from 228.64 billion yuan the previous trading day.

Gainers outnumbered losers by 872 to 18 in Shanghai and 887 to 28 in Shenzhen.

Investors had turned to small caps, especially medical and retailing stocks, which had been brought down by the previous slump, but were less influenced by government measures to cool the property market, said Lu Hongze, analyst with Shenzhen Securities Information Company.

"The influence of tightening measures on market sentiment will linger," Lu said.

Retailers led the rise, surging 4.18 percent. Four firms rose by the daily limit of 10 percent: Jiangsu Guotai International Group hit 28.01 yuan; Yinchuan Xinhua Department Store 35.16 yuan; Wuxi Commercial Mansion 17.37 yuan; and Dashang Group 48.99 yuan.

Health-care shares also went strong as the sector climbed 3.05 percent. Chongqing Tongjunge and Chengdu Huasun Group soared by the daily limit of 10 percent to 13.95 yuan and 10.65 yuan, respectively.

Meanwhile, rising expectations of yuan appreciation had buoyed air carriers due to their dollar debt, as well as paper-makers, which would see declining production costs from an appreciation, said Huang Shuo, analyst with Guoyuan Securities.

Air China, the nation's flag carrier, jumped 4.15 percent to 14.07 yuan, while China Southern, the nation's largest carrier by transport capacity, went up 4.55 percent to 9.19 yuan.



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