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Chinese shares hit one-year high driven by insurance stocks

(Xinhua)
Updated: 2009-06-25 16:01

Chinese equities rose to a one-year high Thursday, driven by insurance stocks.

The benchmark Shanghai Composite Index edged up 2.75 points, or 0.09 percent, to close at 2,925.05. The Shenzhen Component Index rose 4.24 points, or 0.04 percent to end at 11,385.88.

Total turnover was 196.76 billion yuan ($28.81 billion), slightly shrinking from 217.8 billion yuan the previous trading day.

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Losers outnumbered gainers by 528 to 310 in Shanghai and 402 to 330 in Shenzhen.

China Pacific Insurance, the nation's third largest insurer, rose by about 6 percent after Shanghai Securities News said it planned to launch its IPO in Hong Kong in 2010.

China Ping An Insurance and China Life Insurance also rose, by 2.80 percent and 2.39 percent. Premier Wen Jiabao Wednesday presided over an executive meeting of the State Council to discuss promoting a new type of rural social pension pilot projects in 10 percent of counties this year.

Trading in Angang Steel and Bengang Steel was suspended in Shenzhen Thursday under an exchange request after the Guangzhou Daily reported China was likely to let Angang Steel and Bengang Steel to operate a newly found iron ore deposit.

China said Thursday it had found Asia's biggest iron ore deposits with an estimated reserve of at least 3 billion tons in the northeastern province of Liaoning.