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China's stocks advance--July 27

Updated: 2011-07-28 08:54

(Xinhua)

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BEIJING -- China's stocks advanced Wednesday with the benchmark Shanghai Composite Index up 0.76 percent to close at 2,723.49.

The Shenzhen Component Index gained 0.90 percent to finish at 12,116.86.

Aggregated turnover expanded to 169.9 billion yuan ($26.4 billion) from 143.46 billion yuan on the previous day.

Most stocks rose, as gainers outnumbered losers by 805 to 101 in Shanghai and by 1213 to 68 in Shenzhen.

Medical companies were among the leaders in the market after media reports that a type of multi-resistant bacteria may have caused 27 deaths in the Netherlands since June 1.

Jiangsu Lianhuan pharmaceutical Group rose by the daily limit of 10 percent to 17.16 yuan per share, and Dongbao Bio-tech also jumped by the daily limit to 23.87 yuan.

Non-ferrous metal companies helped bolster market sentiment after aluminum futures rallied on the Shanghai Futures Exchange. Yunnan Aluminum Co advanced by the daily limit to 9.96 yuan and Aluminum Corp of China was up 2.99 percent to 10.69 yuan.

Pesticide companies also contributed to market gains after the Shanghai Securities News reported the unveiling of a five-year development plan for the pesticide industry on Wednesday. The plan aims to promote industrial consolidation and promises 7.7 percent annual output growth for the industry.

Boosted by the news, Zhejiang Wynca Chemical Industry shot up by the daily limit to 11.54 yuan. Shandong Dacheng Pesticide Co rose 4.83 percent to 13.68 yuan.

Shares in railway stocks rebounded after losing for two consecutive days due to Saturday's deadly train crash in east China, as the shock to the market has gradually faded, analysts said.

China South Locomotive and Rolling Stock Corporation Limited edged up 0.52 percent to 5.85 yuan. The company's share price tumbled 8.89 percent and 3.64 percent on Monday and Tuesday, respectively.

China CNR Corporation Limited increased 1.07 percent to 5.69 yuan after losing 9.69 percent and 4.08 percent on the previous two trading days.

 

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