Chinese shares surge to new high

By Xinhua

Beijing : China’s benchmark Shanghai Composite Index closed at a new high of 5692.76 points Monday, the first trading day after the weeklong national holiday.

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The bullish performance, a rise of 2.53 percent, or 140.45 points, from the previous close, came on the heels of the rises in neighbouring markets that occurred from Oct 1 to 7.

The index started higher at 5,683.31 points and at one point hit 5,724.36 points in the morning session.

The rise came on the back of strong investor sentiment with major heavyweight shares reporting increases close to the daily rise ceiling of 10 percent.

The Industrial and Commercial Bank, the top heavyweight share of China’s stock market, rose 10 percent to close at 7.27 yuan per share.

Many companies that have registered increases in the prices of their H shares during the past week also reported large gains with China COSCO Holdings Company Ltd. closing the day at 49.53 yuan per share after a 9.92-percent rise.

China Life, ranking second in terms of weight on the stock market, followed with a rise of 8.65 percent to close at 67.81 yuan per share.

The Component Index on the smaller Shenzhen Stock Exchange continued to pick up on expanded turnover, closing the day at 19,232.35 points, up 367.8 points, or 1.95 percent from the previous close.

The combined turnover at the two bourses expanded to 239.4 billion yuan ($31.92).