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People's Daily Online>>China Business

China's stocks rally on europe bailout hope

(Xinhua)

20:33, November 29, 2011

BEIJING, Nov. 29 (Xinhua) -- China's stocks closed higher on Tuesday, as expectations grow that European leaders will soon map out details of a bailout fund to solve the region's crippling debt crisis.

The benchmark Shanghai Composite Index advanced 1.23 percent, or 29.36 points, to close at 2,412.39.

The Shenzhen Component Index gained 128.24 points, or 1.30 percent, to close at 10,012.94.

Combined turnover expanded to 116.47 billion yuan (18.27 billion U.S. dollars) from 98.01 billion yuan on the previous trading day.

Gainers outnumbered losers by 839 to 88 in Shanghai, and 1,194 to 163 in Shenzhen.

European finance ministers convened Tuesday to roll out details on how to leverage the 440-billion-euro European Financial Stability Facility to 1 trillion euros.

Global markets rebounded Monday, as investors' sentiment was spurred by expectations that action may finally be taken to curb the currency bloc's lingering crisis.

Shares of ship makers led the rally, with CSSC Jiangnan Heavy Industry Co., Ltd surging 10.01 percent to 21 yuan per share and Guangzhou Shipyard International Co., Ltd up 9.44 percent to 18.44 yuan

Real-estate developers and brokerages rebounded in the afternoon trade, which spurred the stock indices to extend gains.

China Vanke, the country's largest property developer by market value, grew 1.41 percent to reach 7.17 yuan, while Poly Real Estate Group Co., Ltd gained 2.65 percent to 9.31 yuan.

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