Chinese stocks gain

Beijing, Jan 25 (IANS) Chinese stocks started the week on an upbeat note, as market sentiment turned rosy following a remarkable rally in global oil prices.

The benchmark Shanghai Composite Index gained 0.75 percent to close at 2,938.51 points, while Shenzhen climbed 0.8 percent to close the day at 10,192.53 points, Xinhua reported.

The ChiNext Index, the NASDAQ-style board of growth enterprises, edged up 0.43 percent to close at 2,158.82 points.

Total turnover on the two bourses further waned, standing at 422.9 billion yuan ($64.51 billion).

Gainers outnumbered losers by 861 to 119 in Shanghai and 1,230 to 301 in Shenzhen.

Altogether nearly 70 stocks on the two bourses gained by the daily limit of 10 percent, and more than 180 stocks rose by over five percent.

Both the Shanghai and Shenzhen indexes opened higher, and remained in positive territory during the whole morning session.

Financial heavyweights under-performed on Monday, dragging the Shanghai index to a lower level after the midday break before it bounced back to positive territory near closing.

The oil sector perked up in the Chinese capital market, echoing a rise in global oil prices.

PetroChina, China’s largest oil producer, extended Friday’s gains and climbed by 1.36 percent to finish at 7.43 yuan on Monday.

The sub-indexes related to coal and steel also gained on Monday, with a 2.6 percent and 1.65 percent growth respectively.

China Shenhua Energy Company, the country’s leading coal-based energy company, extended its winning streak from the last trading day, to gain by 1.46 percent and closed at 13.94 yuan.

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