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China stocks end five-day loss, boosted by power producers

04-29-2011 17:45 BJT

BEIJING, April 29 (Xinhua) -- Chinese shares closed 0.85 percent higher Friday, ending a five-day slump as power and steel producers rallied the market.

The benchmark Shanghai Composite Index went up 24.47 points, or 0.85 percent, to reach 2,911.51.

The Shenzhen Component Index gained 163.74 points, or 1.35 percent, to hit 12,312.99.

Combined turnover shrank to 154.2 billion yuan (23.4 billion U.S. dollars) from 196.4 billion yuan on the previous trading day.

Gainers outnumbered losers by 771 to 111 in Shanghai and 1,017 to 176 in Shenzhen.

The ChiNext Index went up 8.57 points, or 0.95 percent to close at 912.72 points.

Power producers led the charge, as the approaching seasonal electricity usage peak is expected to boost their profits. Huaneng Power International, Inc. rose 6.28 percent to stand at 6.09 yuan. Huadian Power Power International Corporation, Ltd. gained by 9.79 percent to hit 4.15 yuan.

Steel and iron producers also rallied, with the Wuhan Iron & Steel Group Corp. rising 2.67 percent to 4.62 yuan. Anshan Iron & Steel Group Corp. climbed 1.42 percent to 7.88 yuan.

Property shares went up, boosted by news of increased bank credit for affordable housing projects. Poly Real Estate Group Co., China's second-largest developer by market value, rose 1.782 percent to close at 13.14 yuan.

Editor:Yang Jie |Source: Xinhua

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