Chinese shares jump on reduced gov't intervention

BY    2013-05-19 07:26:30

  BEIJING, May 17 (Xinhua) -- Chinese shares jumped on Friday after the State Council announced fewer economic and investment activities would be subject to central authorities' approval, extending the rally to three consecutive trading days.

  The benchmark Shanghai Composite Index gained 1.38 percent, or 31.06 points, to end at 2,282.87. The Shenzhen Component Index soared 2.04 percent, or 184.95 points, to 9,246.28.

  Combined turnover on the two bourses grew to 234.27 billion yuan (37.79 billion U.S. dollars) from 226.69 billion yuan the previous trading day.

  Over 80 percent of the companies listed in Shanghai and Shenzhen posted gains and 36 shares rose by the daily limit of 10 percent.

  Expectations that the real-estate sector will face fewer regulations and a burst of refunding saw the sector leap 2.27 percent, with four shares hitting the daily limit. Vanke, China's largest real estate developer, increased 3.98 percent to 12.16 yuan.

  The coal industry halted its recent slump and led all the sectors with the largest increase of 4.76 percent.

  Meanwhile, the media sector also performed outstandingly. Gehua CATV Network, a cable television service company in Beijing, rose 10 percent to 7.62 yuan per share.

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