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Chinese shares up 0.1% on neighboring markets gains

(Xinhua)
Updated: 2009-04-23 15:48

Chinese shares rose with limited gains on Thursday after falling for two consecutive days, lifted by neighboring markets.

The benchmark Shanghai Composite Index added 0.11 percent to close at 2,463.95 points. The Shenzhen Component Index was up 1.21 percent to 9,360.84 points.

Gains outnumbered losses by 450 to 337 in Shanghai and 378 to 294 in Shenzhen.

Combined turnover contracted to 176.35 billion yuan ($25.82 billion), compared with the previous trading day's 271.18 billion yuan.

Markets in Japan, the Republic of Korea and Hong Kong all gained. Japanese shares rose 1.37 percent to 8,847.01 points. Hong Kong's Hang Seng was up 0.9 percent at 15,012.13, and Korean shares added 0.5 percent to 1,362.24.

Chinese shares opened lower Thursday after sinking almost 3 percent a day earlier on profit taking, and rebounded in the afternoon led by heavyweights such as coal and nonferrous metal shares. Overall market growth was kept in check due to the the building up of a wait-and-see attitude among investors.

Coal stocks rose following overnight rise in world crude prices, which were up $0.3 to $48.85. This enhanced investors' confidence in coal as an alternative fuel.

Shares of Datong Coal Industry Co, a major coal producer based in coal-rich Shanxi Province, rose by the 10 percent daily limit to 26.85 yuan. Inner Mongolia-based Huolinhe Opencut Coal Industry Corp. closed at 20.58 yuan, up 10 percent.

Nonferrous metal rebounded across the board after a two-day drop on profit taking. Shares of Jiangxi Copper Company added 6.26 percent to 24.44 yuan. Shares for Tongling Nonferrous Metals Group were up 6.25 percent to 14.80 yuan.

Agricultural shares gained, following an announcement Wednesday night by the State Council, or the country's Cabinet, to support the agriculture sector.

Stocks of Hunan new Wellful Co rose by the 10 percent daily limit to 8.43 yuan. Shares of Hebei-based Fortune NG Fung Food Co closed at 6.62 yuan, up 9.97 percent.