China's stocks rise despite concerns over Europe

20:38, June 22, 2010      

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Chinese shares continued upward from the previous trading day to close higher Tuesday despite renewed concerns that Europe's debt crisis may slow global economic recovery and hurt exports.

The benchmark Shanghai Composite Index gained 0.1 percent to close at 2,588.7 points.

The Shenzhen Component Index rose 0.35 percent to end at 10,345.55.

Total turnover shrank to 128.8 billion yuan (18.9 billion U.S. dollars) from 150.77 billion yuan on the previous trading day.

Gainers outnumbered losers by 590 to 249 in Shanghai and 645 to 298 in Shenzhen.

Rating company Fitch downgraded its long-term rating of France's biggest bank, BNP Paribas SA, by one notch to AA- on Monday, fueling concerns that the debt crisis would slow global economic growth and hurt China's exports.

Hefei Meiling Co., which sells refrigerators in Europe, fell 0.39 percent to 10.28 yuan per share, while Huafu Top Dyed Melange Yarn Co., whose products are mainly exported to Europe, dropped 0.049 percent to 20.73 yuan per share.

But Chinese investor sentiment remained strong, pushing the benchmark index up slightly, even though the growth rate was 2.8 percentage points smaller than the previous trading day.

Hainan-related shares rose across the board Tuesday after China's top economic planner approved a plan to build Hainan into a top international tourism destination by 2020.

Hainan Haide Industry Co., a leading property developer in the island, jumped by the daily limit of 10 percent to close at 9.54 yuan per share while Hainan Luoniushan Holding Group gained 9.97 percent to 8.6 yuan per share.

Water conservancy construction companies were also among the major gainers Tuesday as the recent flooding in south China drew attention to the construction of water conservancy facilities.

Qianjiang Water Resources Development Co. rose by the daily limit of 10 percent to 9.79 yuan per share while Anhui Water Resources Development Co. gained 4.69 percent to 9.37 yuan per share.

Source: Xinhua


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