Jul. 2, 2009 (China Knowledge) - Chinese stocks ended higher on Thursday, led by market heavyweights.
The benchmark Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, grew 1.73% or 52.10 points to close at 3,060.25 points after fluctuating between 3,062.56 and 3,015.08 points.
The Shenzhen Component Index on the smaller Shenzhen Stock Exchange rose 1.03% or 121.97 points to 11,970.72 points, after touching an intraday low of 11,858.07 points.
Gainers in the Shanghai market outnumbered decliners 509 to 284, while 61 were unchanged. Aggregated turnover on the two bourses was RMB 266.19 billion.
Market heavyweight PetroChina<601857><0857><PTR>, the nation's top oil producer, grew 3.29% to RMB 15.06, after reports that its parent China National Petroleum Corp (CNPC) won a bid to develop the Rumaila oil field, the largest oil field in Iraq, through cooperating with BP Plc.
Asia's largest oil refiner, Sinopec<600028><0386><SNP> rose 3.09% to close at RMB 11.20.
China Shenhua Energy Co Ltd<601088><1088>, the nation's biggest coal producer, swelled 4.33% to RMB 31.80.
China State Shipbuilding Co Ltd (CSSC)<600150> jumped 6.72% to RMB 67.97. Its parent firm China State Shipbuilding Corp yesterday inked an agreement with Bank of China (BOC)<601988><3988> and will obtain RMB 80 billion in credit from the latter.
Bank stocks ended higher. Bank of Communications<601328><3328> grew 3.36% to RMB 9.85. China Construction Bank Corp (CCB)<601939><0939>, one of the country's Big Four state-owned commercial banks, increased 2.58% to close at RMB 6.36.
Insurers were among the winners. China Pacific Insurance (Group) Co Ltd<601601> swelled 6.13% to RMB 24.95. China Life Insurance Co Ltd<601628><2628><LFC>, the country's largest insurer, grew 2.17% to RMB 29.15, while its smaller rival Ping An Insurance (Group) Co<601318><2318> rose 5.18% to stand at RMB 54.98.
Share prices of gold firms ended higher, after reports that prices for Comex gold futures on Wednesday exceeded US$940. Zijin Mining Group Co Ltd<601899><2899> jumped 7.36% to close at RMB 10.79. Chenzhou Mining Group Co Ltd<002155> swelled 5.84% to RMB 22.12. Shandong Gold Mining Co<600547>, China's second-largest listed gold miner, increased 0.98% to RMB 63.73.
Nonferrous metal firms were gainers. Shenzhen-listed Yunnan Copper Co Ltd<000878> increased 2.34% to RMB 21.88. Aluminum Corp of China Ltd (Chalco)<601600><2600><ACH>, the nation's largest aluminum producer, rose 4.45 % to RMB 12.68.