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Chinese shares rise on Monday


08:44, January 22, 2013

BEIJING, Jan. 21 (Xinhua) -- Chinese shares continued to rise on Monday following a marked rebound on Jan. 18, with B shares up sharply on release of China Vanke to switch its B shares to H shares.

The benchmark Shanghai Composite Index climbed 0.48 percent on Monday, or 11.15 points, to end at 2,328.22, while the Shenzhen Component Index gained 1.38 percent, or 130.55 points, to 9,562.85.

B shares on the two bourses outran the benchmark index as B Share Indices on the Shanghai Stock Exchange and Shenzhen Stock Exchange jumped 3.04 percent and 6.05 percent, respectively.

The surge was buoyed by the release of the country's largest property developer, China Vanke, to switch its B shares on the SZSE to H shares on Hong Kong bourse, a plan which it announced on Friday.

Combined turnover on the two bourses increased to 220.93 billion yuan (35.18 billion U.S. dollars) from 207.4 billion yuan the previous trading day.

Gainers outnumbered losers by 628 to 299 in Shanghai and by 984 to 471 in Shenzhen.

As for B shares, 85 percent of the stocks rallied. China Vanke Co., Shanghai Diesel Engine Co. and Shanghai Wingsung Investment Management Co. soared by the 10-percent daily limit to 13.75 yuan, 0.74 yuan and 1.29 yuan per share, respectively.

The Coal sector led the rises. Taiyuan Coal Gasification Company increased by the daily limit to 13.64 yuan per share, while Shanxi Coking Co. went up 9.09 percent to 9.84 yuan per share.

Cement companies also rallied on Monday. Henan Tongli Cement Co. gained 3.84 percent to 11.89 yuan per share, while Huaxin Cement Co. climbed 5.28 percent to 15.35 yuan.

Bucking the trend, liquor makers suffered. Hebei Hengshui Laobaigan Liquor Co. slumped 3.6 percent to 43.94 yuan per share, while Anhui Gujing Distillery Company fell 5.16 percent to 33.84 yuan.

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