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Chinese stocks surge at midday Monday


14:42, January 28, 2013

BEIJING, Jan. 28 (Xinhua) -- The Chinese stock market ended more than 1.6 percent higher in the morning session on Monday, led mainly by strong performances of aircraft builders and the financial sector.

The benchmark Shanghai Composite Index gained 1.63 percent to end the morning session at 2,328.71. The Shenzhen Component Index went up 1.79 percent to close at 9,524.3.

Chinese industrial firms' profits climbed for a fourth consecutive month in December, adding evidence that the world's second-largest economy is gaining steam after seeing its lowest growth rate in 13 years, according to data released by the National Bureau of Statistics on Sunday.

Profits at major industrial firms, or those with annual revenues of more than 20 million yuan (3.18 million U.S. dollars), climbed 17.3 percent year on year last month to reach 895.2 billion yuan, the data showed.

The aircraft sectors rose the most by midday, with sub-index climbing 5.18 percent.

China Avic Aircraft Co., a major aircraft builder in China, jumped by the daily limit of 10 percent to end at 11.67 yuan per share. Another two companies in the sector also surged by the daily limit.

The strong performance of the industry was triggered by successful test flight on Saturday of China's first jumbo airfreighter -- the Yun-20.

The Yun-20, or Transport-20, is a huge, multi-function airfreighter which can perform various long-distance air transportation tasks targeting cargo and passengers.

The financial sector was also strong on Monday with the sub-index rising 3.67 percent.


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