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Political handover soothes stocks after losing streak

By Louise Ho (Global Times)

08:43, March 15, 2013

Mainland bourses experienced a much-needed rebound Thursday as the completion of China's leadership transition helped patch up market confidence.

The benchmark Shanghai Composite Index gained 6.31 points, or 0.28 percent, to finish at 2,270.28; while the Shenzhen Component Index climbed 14.03 points, or 0.15 percent, to close at 9,087.25.

Despite the day's advances, combined turnover at the two exchanges contracted to 130.4 billion yuan ($20.98 billion), down further from Wednesday's relatively anemic total of 147.9 billion yuan.

Both indices opened lower but spiked in early trading after Xi Jinping was formally elected as China's new president by the National People's Congress. Jumps in coal, medical and telecommunications lent further support as the trading day progressed, helping the markets snap their recent five-day downturn.

Among the coal shares which rallied in afternoon trading, Yanzhou Coal Mining Co surged past its 10-percent daily trading limit to finish at 19.46 yuan. Henan Dayou Energy Co advanced 1.95 percent to 20.44 yuan.

Automobile stocks revved up as well on reports that economic planning authorities in Guangdong Province intend to manufacture 200,000 new energy automobiles by 2015. Guangdong-based electric car manufacturers Guangdong Automobile Group Co and BYD Company Ltd tacked on 1.25 percent and 1.04 percent to end at 5.65 yuan and 23.28 yuan respectively.

Meanwhile, liquor producers and distillers took some of the day's biggest losses. Anhui Golden Seed Winery Co dived 8.15 percent to 20.74 yuan. Sector powerhouse Kweichow Moutai Co gave up 4.89 percent to 178.94 yuan.

Nonferrous metal shares also dipped as the sector ran out of steam following recent run-ups. Inner Mongolia Baotou Steel Rare-Earth Group Hi-Tech Co fell 2.21 percent to 30.14 yuan.

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