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China shares rise on higher commodity prices

China shares rise on higher commodity prices

Chinese stocks rose Tuesday on higher commodity prices and Premier Wen Jiabao's pledge of continued easy credit, led by resources and bank shares.
The benchmark Shanghai Composite Index added 22.98 points, or 0.7 percent, to close at 3,212.52. The Shenzhen Composite Index for China's smaller second exchange jumped 0.4 percent to 1,191.07.
Heavyweights jumped on rising commodity prices boosted by the stalled rally of the dollar, analysts said. Investors were still buoyed by the premier's Sunday promise that a relaxed monetary policy would continue next year.
"The premier's comments dissolved market jitters over the policy which were triggered by the government's vow on curbing housing prices," said Zhang Xiang, an analyst for Guodu Securities in Beijing.
Zhang said investors were looking for a rally in January when market liquidity usually flourishes.
PetroChina Ltd., Asia's biggest oil and gas producer, edged up 1.1 percent to 13.55 yuan, while China Petroleum & Chemical Corp., or Sinopec, Asia's largest refiner by capacity, gained 1.3 percent to 13.7 yuan.
Aluminum Corp. of China climbed 1.3 percent to 14.48 yuan, while Jiangxi Copper Ltd., the country's biggest metal producer, added 0.4 percent to 38.85 yuan.
Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, gained 1.2 percent to 5.28 yuan. Bank of China Ltd. rose 1.7 percent to 4.23 yuan, while China Construction Bank Ltd. edged up 0.9 percent to 5.92 yuan.
Tourism shares surged on news reports that the upcoming launch of a Chinese-Southeast Asian free trade area will boost the industry. China International Travel Co. soared 8.2 percent to 21.3 yuan, while Beijing Capital Tourism Co. leaped 5.9 percent to 23.65 yuan.
In currency markets, the yuan strengthened to 6.8292 to the U.S. dollar, up from Monday's close of 6.8299.


Updated : 2021-05-13 14:28 GMT+08:00