Alexa
  • Directory of Taiwan

China shares rebound on bargain-hunting

China shares rebound on bargain-hunting

Chinese shares rebounded Thursday on bargain-hunting, led by metal producers and insurers.
The benchmark Shanghai Composite Index rose 30.13 points, or 1.2 percent, to close at 2,655.92. The Shenzhen Composite Index for China's smaller second exchange added 2 percent to 1,060.33.
"It is really just a correction after previous slumps," said Li Xianming, an analyst for Ping An Securities in the southern business hub of Shenzhen, said.
The benchmark has declined 7.5 percent in May on unease about Europe's debt woes and possible government plans to tighten access to credit.
Metal producers gained on reports the government will create a strategic reserve for rare earths. Inner Mongolia Baotou Steel Rare Earth Co. soared 7.5 percent to 43.59 yuan, while Jiangxi Copper Ltd., China's biggest metal producers added 3.6 percent to 30.2 yuan.
Insures rose on news reports that regulators raised the limit on how much they can invest in stocks. China Life Insurance Co., the country's biggest life insurer, gained 2 percent to 24 yuan, while Ping An Insurance Co., jumped 1.5 percent to 46.1 yuan.
Real estate developers also gained despite a government announcement reaffirming plans to impose a value-added tax on land sales. China Vanke Ltd., the country's biggest developer, climbed 1.2 percent to 7.53 yuan and rival Poly Real Estate Group edged up 0.3 percent to 11.73 yuan.
In currency markets, the yuan weakened to 6.8316 to the U.S. dollar, from Wednesday's close of 6.8295.
___
Associated Press researcher Bonnie Cao contributed to this report.


Updated : 2021-08-06 04:15 GMT+08:00