Rate cut lifts stocks by 1.05%

SHANGHAI: The mainland stock market euphoria on the central bank's aggressive rate cuts waned yesterday in late trade, after the index surged over 6 percent in the opening session, as concerns for the wilting economy and sagging corporate earnings mounted.

The benchmark Shanghai Composite Index edged up 1.05 percent, or 19.98 points, to end at 1917.86 yesterday, with gainers outnumbering losers 672 to 169. Turnover on the bourse more than doubled to 86.46 billion yuan from Wednesday's 42.3 billion yuan.

The smaller Shenzhen Component Index jumped 2.29 percent, or 149.38 points to finish at 6683.24.