Chinese shares edge up 0.24% led by material producers

BEIJING, March 18 (Chinese media) -- Chinese equities rose

0.24 percent on Wednesday led by material stocks such as coal, oil and steel.

The benchmark Shanghai Composite Index added 0.24

percent, or 5.40 points, to 2,223.73. The Shenzhen Component Index rose 0.91

percent, or 76.10 points, to 8,465.96.

A woman looks at the share price screen

at a stock trading hall in Chongqing, southwest China, March 18, 2009.

China's benchmark Shanghai Composite Index on the Shanghai Stock Exchange

closed at 2,223.73 points Wednesday, up 5.4 points, or 0.24 percent, from

the previous close. The Shenzhen Component Index on the Shenzhen Stock

Exchange closed at 8,465.96 points, up 76.1 points, or 0.91 percent, from

the previous close. (Chinese media/Zhou Hengyi)
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Gains outnumbered losses by 561 to 231 in Shanghai

and 476 to 196 in Shenzhen.

Combined turnover was 194.3 billion yuan (24.89

billion U.S. dollars), up from 170 billion yuan on the previous trading day.

Coal shares gained across the board as crude prices

continued to gain and closed above 49 U.S. dollars a barrel, the highest price

in the past three months. This led investors to believe rising oil prices would

boost demand for alternative resources, analysts said.

Stocks of Anhui-based SDIC Xinji Energy Company rose

by daily limit of 10 percent to 10.19 yuan. Shanxi Guoyang New Energy Co. closed

at 15 yuan, up 5.78 percent.

The rising crude prices also lifted oil stocks.

PetroChina edged up 0.09 percent to 10.91 yuan.

The steel sector saw rises as the Shanghai Stock

Exchange tested operations of futures transactions of two types of steel

products Wednesday. Preparations for steel futures will be completed by March

25.

Both Gansu Jiu Steel Group and Liaoning-based Bengang

Steel Plates Co. rose 9.98 percent. Their shares closed at 7.27 yuan and6.06

yuan, respectively.

The textile and garment sector advanced, as investors

were encouraged by media reports that the government may further lift tax

rebates for the industry in a detailed support plan.

Sinotex Investment and Development Co. gained 4.91

percent to 4.7 yuan. Ningxia Zhongyin Cashmere Co. was up 6.32 percent to close

at 6.06 yuan.

The majority of medical care stocks gained on media

reports that detailed methods of China's medical reform would be released.

Chengdu Hoist Inc. was up 9.95 percent to 8.07 yuan. Wuhan Jianmin

Pharmaceutical Group rose 6.36 percent to 7.02 yuan.