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China stocks rally on investor confidence

(Xinhua)

08:29, June 14, 2012

BEIJING, June 13 (Xinhua) -- China's stocks rallied Wednesday, as investors expect more policies from the government to bolster growth.

The benchmark Shanghai Composite Index went up 29.13 points, or 1.27 percent, to close the day at 2318.92 points, while the Shenzhen Component Index gained 159.85 points, or 1.63 percent, to close at 9,950.05.

Combined turnover on the two bourses rose to 142.8 billion yuan (22.67 billion U.S. dollars) from 112.45 billion yuan the previous trading day.

Gainers outnumbered losers by 915 to 40 in Shanghai, and by 1,406 to 66 in Shenzhen.

Shares in the insurance sector rose the most across the board, boosted by media reports that the country's regulators are working to simplify approval procedures for insurers to invest in infrastructure bonds.

China Life Insurance Co., the country's largest life insurer, rose 7.19 percent to close at 17.88 yuan per share.

Shares of brokers and banks also rallied, with Sealand Securities Co., Ltd. up 5.85 percent to 13.39 yuan, and Industrial and Commercial Bank of China, the country's largest lender by market value, up 0.72 percent to 4.2 yuan.

Power companies saw big gains after the National Development and Reform Commission announced that it will raise electricity prices of first-tier consumption volume for residential use. Anhui Province Energy Co. Ltd. jumped by the 10-percent daily limit to finish at 6.41 yuan.

Garment and shoe makers extended gains in the afternoon session, up 3.31 percent across the board. Hunan Mendale Hometextile Co. Ltd. surged by the 10-percent daily limit to finish at 21.12 yuan.

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