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Chinese stocks up 2.22% after positive economic data release

(Xinhua)
Updated: 2009-09-11 15:41

Chinese equities added 2.22 percent after China released its monthly economic statistics for August on Friday.

The benchmark Shanghai Composite Index rose 2.22 percent, or 64.91 points to finish at 2,989.79.

The Shenzhen Component Index rose 1.76 percent, or 209.24 points, to end at 12,096.26.

Total turnover expanded to 215.33 billion yuan (31.52 billion U.S. dollars) from 190.76 billion yuan on the previous trading day.

Gainers outnumbered losers by 769 to 86 in Shanghai and 668 to 85 in Shenzhen.

Increased new lending and the lift in industrial output bolstered investors' confidence in economic recovery.

Among the heavyweights, PetroChina Co., the country's largest oil producer, added 1.79 percent to go to 13.64 yuan. Sinopec, China's leading oil refiner, climbed 3.05 percent to 12.18 yuan. China Shenhua Energy Co., the country's largest coal producer, rose 2.84 percent to 33.68 yuan.

Banks and real estate stocks climbed in afternoon trade.

The Industrial and Commercial Bank of China Ltd., the nation's biggest listed lender, gained 3.47 percent to 5.07 yuan. China Construction Bank Corp., the nation's second-largest, gained 4.51 percent to 6.02 yuan. Bank of China Ltd., China's third largest, gained 3.29 percent to 4.08 yuan.

Related readings:  Chinese shares fall after 7 days of rise  Chinese shares rise for seventh day  Shares edge up on economic optimism

China Vanke Co., the nation's biggest listed property developer, gained 2.21 percent to 11.56 yuan. Poly Real Estate Group Co., the country's second-largest developer by market value, gained 3.73 percent to 25.85 yuan.

China's new yuan-denominated lending in August rose to 410.4 billion yuan from July's 355.9 billion yuan, the People's Bank of China, the central bank, said Friday.

China's industrial output accelerated 12.3 percent in August from a year earlier, after gaining 10.8 percent in July, the National Bureau of Statistics said Friday.

Premier Wen Jiabao Thursday said at the 2009 Summer Davos in Dalian, Liaoning Province, that China had curbed the downward trend in economic growth and the country's macro-economic policy and economic stimulus package had proved timely, powerful and effective.