China's major stock indexes rebounded Friday, recovering part of Thursday's
five-per cent loss blamed on the fears of an interest rate hike.
The benchmark Shanghai Composite Index rose 3.92 per cent to close at
3,584.20 points, while the Shenzhen Composite Index went up 4.57 per cent to
1,003.87. The Shanghai and Shenzhen 300 index of major companies gained 4.41 per
cent to 3,289.19.
Financial shares led the
comeback, reversing a downward trend in the previous two sessions.
An investor monitors the movement of stock indexes at a
brokerage firm in Chongqing April 19,
China Life gained 4.03 per cent to end at 36.89 yuan per share compared to a
3.06 per cent drop on Thursday. Its rival Ping An Insurance surged 6.46 per cent
to 55.34 yuan, following a 2.25 per cent fall the previous day.
China Petroleum and Chemical Corporation (Sinopec) rose 2.78 per cent to
11.08 yuan, and Air China, the country's biggest international airline, soared
7.86 per cent to 8.92 yuan.
Only 10 out of some 1,500 stocks in the Shanghai and
Shenzhen bourses reported losses.
The surge came after a fall of nearly five per cent on Thursday, the biggest
drop since February 27 when the indexes lost nearly nine per cent, triggering a
Thursday's plummet was attributed to the worries that the central bank will
raise interest rates to cool down the economy and curb inflation.
China's gross domestic product grew 11.1 per cent in the first quarter of
this year, the National Bureau of Statistics said Thursday.
the consumer price index, a barometer of inflation, climbed 3.3 per cent in
March, the highest in more than two years and above the central bank's target of
three per cent, according to the bureau.