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Chinese shares rise on gov't support plans
(Xinhua)
Updated: 2009-02-03 12:56

Chinese share prices shot up by 1.37 percent Tuesday morning amid upbeat investor confidence following Premier Wen Jiabao's repeated vows of more support plans to boost the economy during his just-concluded tour in Europe.

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The Shanghai Composite Index climbed 27.64 points to 2,039.32. The Shenzhen Component Index rose 103.49 points, or 1.46 percent, to 7,191.09.

Gains led losses by 699 to 149 in Shanghai and 592 to 145 in Shenzhen, and combined turnover reached a high of 74.23 billion yuan (US$10.8 billion).

Tuesday's upturn was also bolstered by media reports saying the government would soon roll out support plans for textile and machinery industries.

The Shanghai Securities New reported that China's cabinet will discuss a stimulus plan Wednesday to help the country's textile and machinery industries, citing an unidentified source.

Fujian Nanfang Textile surged by a daily limit of 10 percent to finish at 3.47 yuan. Ningbo Shanshan, the country's leading garment maker, rose 6.09 percent to 8.54 yuan.