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China shares end 0.3% higher

(Xinhua)
Updated: 2008-08-07 19:25

BEIJING - Chinese shares gained 0.3 percent on Thursday, continuing the upward momentum of the previous trading day, advanced by Olympic-related and oil sectors.

The benchmark Shanghai Composite Index rose 0.3 percent, or 8.21 points, to end at 2,727.58 points. The Shenzhen Component Index closed at 9,035.29 points, down 11.85 points, or 0.13 percent.

Related readings:  China shares end 1.06% higher on lower oil prices  Shares continue to fall amid weak market sentiment  Shares fall 2.14% on concerns of new share offering  Shares fall for third day, driven by airlines, oil refiners

Aggregate turnover on the two bourses further shrank to 56.8 billion yuan (US$8.29 billion) from 63.53 billion yuan on the previous trading day. Gains outnumbered losses by 508-327 in Shanghai and 458-257 in Shenzhen.

Hospitality stocks beamed with the opening of 2008 Beijing Olympic Games around the corner. Shares of Beijing Jingxi Tourism Development Co. added 9.92 percent to 27.58 yuan, while China United Travel Co. gained 7.03 percent to 7.16 yuan.

Oil shares continued to climb with global crude prices further falling by US$0.6 overnight to US$118.58.

Sinopec, Asia's leading oil refiner, gained 2.59 percent to 11.88 yuan, while PetroChina, the country's largest oil producer, rose 0.54 percent to 14.95 yuan.

However, shares of all three leading domestic airlines dipped across the board on profits taking after a strong rebound on the previous trading day.

Air China shed 2.62 percent to 9.66 yuan, while China Southern lost 3.35 percent to 7.51 yuan. China Eastern was down 3.79 percent to 7.62 yuan.

"Investors are withdrawing from the airline sector because of concerns of an oil price rebound in the near future," said Beijing-based TX Investment Consulting analyst Wu Feng.

China's State Council, or the Cabinet, on Wednesday approved guidelines to further boost economic development of the Yangtze River Delta region, including Shanghai and neighboring Jiangsu and Zhejiang provinces.

This shored up shares of listed companies based in this region, with five jumping beyond the daily limit of 10 percent.

Shanghai WhiteCat Share Holding Co. jumped 10.06 percent to 7 yuan, while Y.U.D. Yangtze River Investment Industry Co. gained 10.04 percent to 5.37 yuan, among others.