Chinese stocks rise most in 10 months

Updated: 2011-08-25 15:23

(Xinhua)

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BEIJING-- Chinese stocks made their biggest rise in over 10 months on Thursday, led by financial shares and coal miners.

The benchmark Shanghai Composite Index climbed 2.92 percent to reach 2,615.26 points, the biggest daily gain since Oct 15, 2010.

The Shenzhen Component Index increased 3.2 percent, or 359.98 points, to finish at 11,598.93.

Turnover rose to 190.03 billion yuan ($29.69 billion), compared to Wednesday's 146.8 billion yuan.

Gainers outnumbered losers by 875 to 48 in Shanghai and by 1,127 to 183 in Shenzhen.

Financial shares led the gains with the sector up 5.55 percent, after lenders reported better-than-expected first-half results.

China's top ten commercial banks posted net profits of 244.7 billion yuan amid government tightening measures for the first half of the year, as loan and fee incomes leapt, the Shanghai Securities News reported Thursday.

The Industrial and Commercial Bank of China rose 2.45 percent to close at 4.18 yuan per share.

Founder Securities Co, Sealand Securities Co, Shaanxi International Trust Co and Sinolink Securities Co jumped by the daily limit of 10 percent to reach 6.26 yuan, 14.3 yuan, 12.79 yuan and 13.35 yuan, respectively.

Coal producers rallied with Gansu Jingyuan Coal Industry and Electricity Power Co rising by the daily limit of 10 percent to 16.98 yuan.

China Shenhua Energy Co, the country's largest coal miner, gained 5.31 percent to finish at 26.96 yuan per share.

Environmental shares also rose on reports that China may spend 1.06 trillion yuan on household and industrial sewage treatment over the next five years.

Tianjin Capital Environmental Protection Group Co rose by the 10-percent daily limit to close at 6.16 yuan, while Beijing Capital Co climbed 3.8 percent to hit 5.46 yuan per share.