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China stock index surges 62.5 pct in first half

China stock index surges 62.5 pct in first half

Chinese shares slipped Tuesday as investors took profits after a four-day rally, but the country's benchmark index ended the first half of 2009 as the world's best performing major market.
Shanghai Composite Index dropped 15.95 points, or 0.5 percent, to close at 2,959.36 _ up a stunning 62.5 percent since the start of the year.
The Shenzhen Composite Index for China's smaller second exchange declined by 0.7 percent to 962.27.
The general trend was still upward despite Tuesday's decline, analysts said.
"It's understandable that the market would experience a technical adjustment after rising for days, but liquidity and optimism about economic recovery will still hold it up," said Zhou Lin, an analyst for Huatai Securities in the eastern city of Nanjing.
Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, declined 2.5 percent to 5.42 yuan. Bank of China Ltd. fell 2.2 percent to 4.49 yuan, while China Construction Bank Ltd. slipped 1.6 percent to 6.03 yuan.
The government's announcement Tuesday that it was raising state-set gasoline and diesel prices helped to boost refiners but sent auto stocks tumbling.
PetroChina Ltd., Asia's biggest oil and gas producer, added 0.2 percent to 14.47 yuan, while China Petroleum & Chemical Corp. increased 0.7 percent to 10.66 yuan. SAIC Motor Corp. sank 4.1 percent to 14.95 yuan, while Xiamen King Long Motor Group Co. contracted 4 percent to 8.58 yuan.
In currency markets, the yuan strengthened to 6.8318 to the U.S. dollar, up from Monday's close of 6.8336.


Updated : 2021-08-01 20:08 GMT+08:00