Markets

China's stocks close higher Thursday

(Xinhua)
Updated: 2010-11-25 15:51

BEIJING - Led by commodity producers, China's stocks closed higher Thursday, with the benchmark Shanghai Composite Index jumping 1.34 percent, or 38.32 points, to close at 2,898.26.

After Wednesday's 1.1 percent advance, the index rose for a second day on the back of improved employment and consumer sentiment in the US which boosted confidence in a global economic recovery.

 The news also drove commodity prices higher, resulting in big gains for China's oil producers.

PetroChina, the nation's biggest oil company, added 2.1 percent to 11.18 yuan ($1.68) per share.

China Petroleum & Chemical Corp, the second biggest, also known as Sinopec, gained 1.1 percent to 8.25 yuan.

Zhuzhou Smelter, China's biggest producer of refined zinc, advanced 8.73 percent to 17.31 yuan.

The Shenzhen Component Index climbed 1.58 percent, or 196.43 points, to end at 12,604.08.

Combined turnover expanded from Wednesday's 294.33 billion yuan ($44.24 billion) to 323.22 billion yuan.

Gainers outnumbered losers by 696 to 184 in Shanghai and 609 to 493 in Shenzhen.