AFP, Shanghai :
Chinese shares rose Thursday after the government announced new corporate support policies aimed at boosting the economy, dealers said.
The benchmark Shanghai Composite Index jumped 3.36 percent, or 100.01 points, to 3,072.54 on turnover of 379 billion yuan ($61.9 billion). It had risen as much as 3.39 percent just minutes before closing.
The Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 1.44 percent, or 20.22 points, to 1,424.62 on turnover of 188.7 billion yuan.
Late Wednesday China’s State Council, or cabinet, announced preferential policies for Chinese manufacturers, including a promise to extend financial support, especially to large-scale equipment makers, to expand their exports.
“China’s new round of stimulus polices has helped the market to recoup earlier losses,” Northeast Securities analyst Shen Zhengyang told AFP.
“However, it may further consolidate around the current level as ups and downs like these are quite normal for a capital-driven market.”
Among the announced measures were also a promise to reduce red tape for Chinese companies listing on foreign stock markets as well as a loosening of restrictions on overseas bond issuance by domestic corporations.
The Shanghai index has gained over 20 percent since China announced a surprise interest rate cut in late November, with the market experiencing swings around the symbolic 3,000 mark.
Construction companies rose on expectations for lower costs after the supportive policies in equipment sectors.
On the Shanghai market, China Railway Construction Corp. surged by its 10 percent daily limit to 13.74 yuan while China Railway Erju Co. also jumped 10 percent to 15.58 yuan.
Insurance companies were among the biggest gainers on Thursday. China Life Insurance Co. jumped in Shanghai by its 10 percent limit to 27.87 yuan while Ping An Insurance (Group) Co. rose 4.45 percent to 64.31 yuan.
Hong Kong’s stock exchange was closed for a public holiday.
In Taiwan, stocks fell 0.3 percent, or 27.48 points, to 9,158.7.
Acer fell 0.93 percent to Tw$21.3 while TSMC was 0.36 percent lower at Tw$137.5.
Chinese shares rose Thursday after the government announced new corporate support policies aimed at boosting the economy, dealers said.
The benchmark Shanghai Composite Index jumped 3.36 percent, or 100.01 points, to 3,072.54 on turnover of 379 billion yuan ($61.9 billion). It had risen as much as 3.39 percent just minutes before closing.
The Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 1.44 percent, or 20.22 points, to 1,424.62 on turnover of 188.7 billion yuan.
Late Wednesday China’s State Council, or cabinet, announced preferential policies for Chinese manufacturers, including a promise to extend financial support, especially to large-scale equipment makers, to expand their exports.
“China’s new round of stimulus polices has helped the market to recoup earlier losses,” Northeast Securities analyst Shen Zhengyang told AFP.
“However, it may further consolidate around the current level as ups and downs like these are quite normal for a capital-driven market.”
Among the announced measures were also a promise to reduce red tape for Chinese companies listing on foreign stock markets as well as a loosening of restrictions on overseas bond issuance by domestic corporations.
The Shanghai index has gained over 20 percent since China announced a surprise interest rate cut in late November, with the market experiencing swings around the symbolic 3,000 mark.
Construction companies rose on expectations for lower costs after the supportive policies in equipment sectors.
On the Shanghai market, China Railway Construction Corp. surged by its 10 percent daily limit to 13.74 yuan while China Railway Erju Co. also jumped 10 percent to 15.58 yuan.
Insurance companies were among the biggest gainers on Thursday. China Life Insurance Co. jumped in Shanghai by its 10 percent limit to 27.87 yuan while Ping An Insurance (Group) Co. rose 4.45 percent to 64.31 yuan.
Hong Kong’s stock exchange was closed for a public holiday.
In Taiwan, stocks fell 0.3 percent, or 27.48 points, to 9,158.7.
Acer fell 0.93 percent to Tw$21.3 while TSMC was 0.36 percent lower at Tw$137.5.
