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Chinese shares gain 0.64% on second board launch

(Xinhua)
Updated: 2009-03-31 16:35

Chinese equities closed 0.64 percent higher Tuesday as insurance companies and GEM-related (growth enterprise market) stocks went strong following the release of GEM rules in the early hours of the day.

China announced the launch of a long-awaited growth enterprise board on May 1 as a new direct-financing platform for innovative companies.

The Shanghai Composite Index gained 15.17 points, or 0.64 percent to 2,373.21. The Shenzhen Component Index rose 71.54 points, or 0.8 percent to 8,981.95.

Related readings:  China to start growth enterprise board on May 1  Chinese shares close 0.7% lower  Hong Kong stocks close 4.7% lower  Bank shares lead market fightback

Gains outnumbered losses by 481 to 368 in Shanghai and 395 to 322 in Shenzhen.

Combined turnover expanded to 200.03 billion yuan ($29.26 billion) from 191.9 billion yuan on the previous trading day.

The A-share market opened lower in the morning session following the overnight plunge of the Wall Street market.

The insurance sector boosted the index and soared 5.29 percent as investors expected favorable development policies from the industry regulator. China Life, the country's largest life insurer, rose 4.22 percent to close at 22.99 yuan. China Pacific Insurance soared by the daily limit of 10 percent to 16.78 yuan.

The news of launching a Nasdaq-style second board drove the securities shares on increasing transaction prospects, dealers said.

CITIC Securities, the largest domestic brokerage firm, rose 2.25 percent to stand at 25.47 yuan, while Sinolink Securities, jumped 6.66 percent to 36.5 yuan.