China stocks rise slightly after consecutive drops

Updated: 2011-09-14 16:26

(Xinhua)

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BEIJING — China's stocks came out of three consecutive days of decreases to edge up on Wednesday after Premier Wen Jiabao expressed confidence in the nation's economy.

The benchmark Shanghai Composite Index rose 0.55 percent, or 13.52 points, to end at 2,484.83. The Shenzhen Component Index edged up 0.44 percent, or 47.1 points, to finish at 10,822.4.

Speaking at the World Economic Forum, an annual economic meeting being held in northeast China's port city of Dalian, Wen said he is confident that China's economy will grow over a longer period of time and make new contributions to the robust, sustainable and balanced growth of the global economy.

The premier said that the country will continue to implement a prudent monetary policy and a proactive fiscal policy to control inflation and maintain growth.

Shares of the China Coal Energy Company, the nation's second-largest coal producer, gained 1.9 percent to reach 9.64 yuan ($1.51) per share. PetroChina, the country's largest oil producer, added 0.72 percent to 9.8 yuan.

Banking shares went lower, with the Industrial and Commercial Bank of China down 1.21 percent to 4.09 yuan. The Bank of China inched down 0.34 percent to 2.93 yuan.

Aggregated turnover on the two bourses expanded to 100.59 billion yuan from 94.37 billion yuan on the previous trading day.

Gainers outnumbered losers by 790 to 126 in Shanghai and by 1139 to 171 in Shenzhen.