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Chinese stocks end 5-day drop on Tue

Published: 11 Aug 2009 00:10:13 PST

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Aug. 11, 2009 (China Knowledge) - Chinese stocks ended slightly higher on Tuesday, led by property and financial stocks.

The benchmark Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, edged up 0.46% or 14.97 points and closed at 3,264.73 points after fluctuating between 3,273.02 and 3,222.71 points.

The Shenzhen Component Index on the smaller Shenzhen Stock Exchange rose 1.26% or 163.46 points to 13,137.11 points, after touching an intraday low of 12,943.92 points.

Gainers in the Shanghai market outnumbered decliners 512 to 291, while 52 were unchanged. Aggregated turnover on the two bourses was RMB 193.19 billion.

Asia's largest oil refiner Sinopec<600028><0386><SNP> increased 3.05% to close at RMB 13.84. Market heavyweight PetroChina<601857><0857><PTR>, the nation's top oil producer, increased 0.34% to RMB 14.89.

Property stocks ended higher. China Vanke Co Ltd<000002><200002>, the country's largest publicly traded residential property developer, rose 1.04% to RMB 12.67. Poly Real Estate Group Co Ltd<600048>, China's second-largest developer by market value, increased 0.89% to RMB 25.99.

Bank stocks also ended higher. Bank of Nanjing<601009>, a Shanghai-listed city-level commercial bank partly owned by BNP Paribas SA, grew 1.05% to RMB 18.3. Industrial and Commercial Bank of China<601398><1398>, the world's largest lender by market value, increased 0.39% to RMB 5.1.

Qingdao Haier Co<600690>, one of the leading household appliance makers in China, swelled 6.36% to RMB 16.06, after reports that the firm's net profit grew 21.3% year-on-year to RMB 665 million in the first half of 2009.

Liquor makers were gainers. Kweichow Moutai Co Ltd<600519>, China's top ultra-premium traditional liquor maker, rose 3.98% to RMB 170. Tuopai Yeast Liquor Co Ltd Sichuan<600702> increased 1.83% to RMB 18.35.

Steel stocks ended mixed. China's largest steel maker Baoshan Iron and Steel Co<600019> increased 1.14% to RMB 8.9. Laiwu Steel Corp<600102>, one of the top ten steelmakers in China, fell 5.17% to RMB 13.75.