Fri, July 02, 2010
Business > Markets

China stocks snap 7 losing streak on back of property shares' gains

2010-07-02 09:46:01 GMT2010-07-02 17:46:01 (Beijing Time)  Xinhua English

BEIJING, July 2 (Xinhua) -- Chinese shares closed up Friday, snapping a seven-day losing streak led by property developers and financial stocks.

The Shanghai Composite Index closed up 9.11 points, or 0.38 percent, at 2,382.9 points, closing out the week 6.66 percent lower than last week.

The Shenzhen Component Index closed up 0.26 percent, or 23.98 points, at 9,227.89 points.

Shares of property developers led the gain with a 3.61 percent rise.

China Vanke Co., the country's largest property developer by market value, rose 3.74 percent to 6.93 yuan. Beijing Capital Development Co. Ltd. and Jinshan Development and Construction Co. Ltd. both jumped by the 10 percent daily limit.

China Life, the country's top life insurer, rose 2.55 percent to 25.33 yuan. Bank of Nanjing gained 2.29 percent to 10.29 yuan, while Bank of Ningbo rose 1.98 percent to 11.34 yuan.

Pharmaceutical shares bucked the trend by dropping 2.63 percent as the country's National Development and Reform Commission said Friday it will review more than 900 drug producers to curb improper price hikes.

Gloria Pharmaceuticals fell by the daily limit of 10 percent to 6.1 yuan. Kunming Pharmaceutical Corp. plummeted 8.54 percent to 9.32 yuan.

Total turnover of the two stock markets Friday jumped to 117.8 billion yuan (17.3 billion U.S. dollars) from 90.9 billion yuan the previous trading day.

Gainers outnumbered losers in Shanghai by 442 to 439, while losers outnumbered gainers in Shenzhen by 578 to 396.

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