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Mainland stock markets boosted by surge in airline companies

2015-01-27 07:52 Global Times/Agencies Web Editor: Qin Dexing
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China's stock markets edged up on Monday, with airlines advancing sharply, but broader gains were capped by selling of financials.

The benchmark Shanghai Composite Index rose by 0.94 percent or 31.42 points to 3,383.18 points on Monday. The Shenzhen Component Index gained by 2.19 percent or 250.68 points to 11,686.97 points.

The CSI 300 Index of the biggest companies traded on the bourses in Shanghai and Shenzhen rose by 1.01 percent to 3,607.99 points.

Total turnover on the two bourses on Monday was 643.44 billion yuan ($102.88 billion), down from Friday's 713.67 billion yuan.

China Eastern Airlines jumped 5.1 percent, Air China rose 3.9 percent and China Southern Airlines gained by 2.7 percent after a pact was announced on Friday between China and Australia.

The deal lets both countries' carriers immediately add 4,000 seats a week to current caps between Australia's major gateway cities and the Chinese cities of Beijing, Shanghai and Guangzhou.

The largest percentage gainer on the Shanghai exchange was Fujian Torch Electron Technology, which surged 44.0 percent on its debut, while the largest percentage decliner was Shanghai Dajiang Group, which fell 9.2 percent.

Meanwhile, insurers, banks and brokerages dragged down the markets, falling almost 1 percent on average on Monday.

Among the most active stocks in Shanghai were Bank of China, down 1.24 percent at 4.78 yuan; Baotou Steel, up 9.96 percent at 5.08 yuan; and China Shipbuilding, up 4.06 percent at 9.22 yuan.

In Shenzhen, Shenwan Hongyuan jumped 32.1 percent to 19.65 yuan on its debut. Suning Appliance was up 10.0 percent at 10.26 yuan.

The ChiNext Index, China's NASDAQ-style board for high-tech and fast-growing start-ups, jumped by 2.50 percent or 42.50 points to 1,739.79 points.

In Hong Kong, the Hang Seng Index rose for a fifth consecutive day, closing up by 0.24 percent at 24,909.90 points, with total turnover of HK$83.76 billion ($10.81 billion).

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