Chinese shares up 1.23% Tuesday on resources sector gains

20:01, October 12, 2010      

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Gains in the resources sector lifted Chinese shares higher Tuesday, with the benchmark Shanghai Composite Index closing up 1.23 percent, or 34.47 points, at 2,841.41.

The Shenzhen Component Index gained 1.11 percent, or 135.63 points, to end at 12,373.28.

Combined turnover shrank to 363.4 billion yuan (54.24 billion U.S. dollars) from 425.58 billion yuan the previous trading day.

Gainers outnumbered losers 459 to 398 in Shanghai and 570 to 481 in Shenzhen.

The resources sector led the market higher amid speculation China might soon raise its retail fuel price.

China's fuel price mechanism adjusts retail fuel prices when the international crude oil price changes more than four percent over 22 consecutive trading days.

PetroChina Co., the country's largest oil producer, surged 3.92 percent to 11.15 yuan per share. Sinopec, China's largest oil refiner, jumped 3.92 percent to 9.02 yuan per share.

Coal shares advanced 5.28 percent, with China Shenhua Energy Co., China's biggest coal producer, climbing 2.33 percent to 28.07 yuan. Yanzhou Coal Mining Co. almost rose by the daily limit of 10 percent to finish at 24.43 yuan.

Financial shares were relatively weak after media reports said China's central bank had temporarily raised the reserve requirement ratio of the four major state-owned lenders and two privately-owned banks by 50 basis points, or 0.5 percent.

Lian Ping, chief economist at the Bank of Communications, said the central bank's move was aimed at reining in liquidity.

Industrial and Commercial Bank of China, the country's biggest lender, slid 0.24 percent to end at 4.19 yuan per share.

Source: Xinhua


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