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Shares close 2.22% higher to stand above 2,000 points

(Xinhua)
Updated: 2008-11-17 16:53

Chinese shares closed 2.22 percent higher to stand above 2,000 points on Monday.

The benchmark Shanghai Composite Index, which covers both A and B shares, was up 44.05 points, or 2.22 percent, to close at 2,030.49. The Shenzhen Component Index rose 122.62 points, or 1.84 percent, to close at 6,783.03 points.

The combined turnover climbed to 131.887 billion yuan ($18.841 billion) from previous trading day's 127.9 billion yuan.

Gains outnumbered losses by 839 to 21 on Shanghai and 708 to 25 on Shenzhen.

The Shanghai index opened 0.26 percent lower in reaction to a large loss on Wall Street on Friday, when the Dow Jones Industrial Average sank 3.82 percent. The Chinese index then spent a volatile day, fluctuating around the 2,000-point mark on economic jitters, said analysts.

Aviation stocks rallied broadly, rising by the 10 percent daily limit, as Air China, China Eastern Airlines and China Southern Airlines gained on hopes they would get government cash injections to cope with high costs and weak demand.

The government was set to inject 3 billion yuan each into China Eastern and China Southern, Monday's China Securities News reported.

Stocks of electric transmission and distribution equipment producers rose as investors bet that increasing grid investment would boost the sector.

Shares of Northeast Electric Development Company and Xuji Electric Co. surged by the daily 10 percent limit to 2.28 yuan and 8.47 yuan, respectively.

The People's Daily, the official newspaper of China's ruling Communist Party, said Monday in an editorial that share prices reflected the current macro-economic situation as the price-to-earnings ratio on the once-hot A share market was only about 13.

The newspaper said opportunities had emerged for long-term investments in many industries.