The Shanghai Stock Exchange rebounded from yesterday's falls gaining 1.69 percent. Turnover was down to RMB219.8bn from yesterday's record RMB296.9bn. Hong Kong also closed slightly up, at 0.5 percent, with a large drop in turnover from HK$101.8bn to HK$76.2bn. The Shenzhen Composite Index rose 1.11 percent. Taiwan's Taiex index dropped 0.8 percent.
Banks led the rises on continued speculation that the government will soon act to rein in bank lending. There were RMB7.4 trillion yuan of new loans in the first half of 2008, equivilent to about half of the country's GDP for the same period, prompting calls for greater controls.
Industrial & Commercial Bank of China (SH:601398, HK:1398) China's largest lender, rose 3.29 percent in Shanghai and 0.36 percent in Hong Kong. China Construction Bank (SH:601939, HK:0939) advanced 6.02 percent in Shanghai and 0.32 percent in Hong Kong. Bank of China (SH:601988, HK:3988) increased 3.81 percent in Shanghai and dropped 0.8 percent in Hong Kong.
IT and telecom shares also made broad gains today, riding an average of 5.5 percent. China Unicom (SH:600050, HK:0762) surged 9.57 percent in Shanghai and 0.54 percent in Hong Kong. Seven stocks all rose to the 10 percent trading cap in Shanghai, including: Beijing Teamsun Technology (SH:600410), China National Software & Service (SH:600536) and Shanghai Feilo (SH:600654).
Property led gains in Hong Kong. The Hang Seng Property Index added 1.3 percent. Beijing North Star Co. (HK:0588) rose 9.3 percent. China Properties Investment Holdings Ltd (HK:0736) rose 8.7 percent.
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