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China shares rebound on bargain-hunting
11/25/09 03:43 ESTSHANGHAI -Chinese shares rebounded Wednesday on bargain-hunting as liquidity concerns sparked by a government order to banks to control lending eased.
The benchmark Shanghai Composite Index climbed by 66.64 points, or 2.1 percent, to close at 3,290.17 following Tuesday's 3.5 percent tumble. The Shenzhen Composite Index for China's smaller second exchange added 3.3 percent to 1214.24.
Shares fell Tuesday after regulators told banks to control credit and meet minimum capital requirements, sparking concern liquidity might be curtailed. But analysts said investors regained confidence on knowledge that China's recovery prospects are still good and there is ample liquidity to buoy share prices.
"Investors are no longer panicked," said Cao Xuefeng, an analyst for Huaxi Securities in the western city of Chengdu.
Cao said jitters about banks were dispelled after two major lenders, Industrial & Commercial Bank of China Ltd. and China Construction Bank Ltd., assured investors they had no immediate plans to raise new capital.
ICBC edged up 0.2 percent to 5.33 yuan after losing 2.7 percent Tuesday and Construction Bank rose 0.5 percent to 6.13 yuan following a 2.9 percent decline. Bank of China Ltd. gained 0.7 percent to 4.28 yuan.
Steelmakers extended gains on higher product prices. Baoshan Iron & Steel Co., China's biggest steel producer, surged 8.5 percent to 8.93 yuan, while Xinjiang Bayi Iron & Steel Ltd. added 8.4 percent to 14.67 yuan.
Gold miners rose on higher bullion prices. Zijin Mining Group Co. climbed 6.5 percent to 10.98 yuan and Shandong Gold Mining Co. up by the daily 10 percent maximum to 84.39 yuan.
In currency markets, the yuan strengthened to 6.8280 to the U.S. dollar, up from Tuesday's close of 6.8293.
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