Cement, glass shares drive Chinese stock market higher

08:27, June 24, 2011      

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Chinese stocks gained Thursday on the back of rising cement producers and glass stocks.

The benchmark Shanghai Composite Index climbed 1.47 percent, or 38.93 points, to close at 2,688.25.

The Shenzhen Component Index rose 2.01 percent, or 231.66 points, to finish at 11,775.32.

Combined turnover rose to 147.55 billion yuan (22.7 billion U.S. dollars) from 113.75 billion yuan the previous trading day.

Gainers outnumbered losers 859 to 46 in Shanghai, and 1,215 to 52 in Shenzhen.

Cement and glass producers rallied as investors expected the country's massive construction of affordable housing would continue to boost demand for building materials.

Anhui Conch Cement Co., the largest cement maker, rose 4.55 percent to 27.59 yuan per share while Guangdong Tapai Group Co. went up by the 10-percent daily limit to 11.1 yuan.

CSG Holdings Co. led the rise for the glass makers. It increased by the daily limit of 10 percent to 15.52 yuan per share.

Banks and brokerages also rallied with the Industrial and Commercial Bank of China, the country's biggest lender, up 1.15 percent to 4.38 yuan. GF Securities, a leading brokerage in the country, climbed 3.95 percent to 34.99 yuan per share.

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