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China's stocks rise to 10-month high

(Xinhua)
Updated: 2009-06-19 15:57

China's stocks rose for the third straight day Friday, driving the benchmark index to a 10-month high as financial shares gained after the securities regulator approved the nation's first initial public offering (IPO) since last September.

The benchmark Shanghai Composite Index gained 26.59 points, or 0.93 percent, to close at 2,880.49. The Shenzhen Component Index closed at 11,242.29 points, up 90.66 points, or 0.81 percent.

Total turnover climbed to 232.58 billion yuan ($34.02 billion) from 225.08 billion yuan the previous trading day.

Gainers outnumbered losers by 419 to 416 in Shanghai and 377 to 356 in Shenzhen.

Related readings:  IPOs back after long suspension  IPO norms favor small investors  IPO lure draws elusive investors back to bourses  Chinese shares down 0.41% on profit-taking

Guilin Sanjin Pharmaceuticals Co won approval Thursday from the China Securities Regulatory Commission to conduct the first IPO after a nine-month hiatus.

The news helped boost financial shares as brokerage companies were expected to benefit from the resumption of new issues, said Xu Chong, analyst with Jinzheng Consulting.

Sinolink Securities rose by the daily limit of 10 percent to close at 21.46 yuan. Northeast Securities rose 5.65 percent to 31.96 yuan.

Medical shares continued upward after the Sanjin news and helped push up the the index.

Beijing Tiantan Biological Products Co Ltd advanced 6.91 percent to 25.52 yuan, and Dalian Merro Pharmaceutical Ltd Co rose by the daily limit of 10 percent to close at 6.90 yuan.