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China's stocks open sharply higher on Tuesday after sovereign wealth fund boosts stakes

(Xinhua)

11:18, October 11, 2011

BEIJING, Oct. 11 (Xinhua) -- China's stocks opened more than 2 percent higher on Tuesday after an arm of China's sovereign wealth fund bought shares in four major Chinese State-owned banks to show support.

The benchmark Shanghai Composite Index gained 2.43 percent to open at 2,401.74.

The Shenzhen Component Index opened 2.42 percent higher at 10,416.61.

The benchmark Shanghai Composite Index fell to 2,344.79 on Monday, hitting its lowest level in more than two years. The index has slid nearly 17 percent so far this year due to concerns that the government's tightening measures may hurt the world's second-largest economy.

Central Huijin Investment Ltd, an arm of China's sovereign wealth fund, bought shares in four major Chinese State-owned banks on Monday, aimed at "supporting the steady operation and development of major financial institutions and stabilizing their stock prices."

The four banks include the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC) and China Construction Bank (CCB), according to the company.

ICBC's share price rose 3.51 percent to 4.13 yuan at Tuesday's market open. That of ABC gained 3.24 percent to 2.55 yuan. BOC climbed 2.09 percent to 2.93 yuan, while CCB's price was up 3.17 percent to 4.55 yuan.

The Wall Street rallied on Monday as European leaders said they would try their best to shield banks from a debt crisis, easing concerns that the region's troubles will continue to escalate.

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