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China stocks close slightly higher Wednesday

China stocks close slightly higher Wednesday

Write: Beau [2011-06-23]

Chinese shares closed slightly higher Wednesday following Tuesday's rebound.

The benchmark Shanghai Composite Index moved up 0.11 percent, or 2.84 points, to close at 2,649.32.

The Shenzhen Component Index rose 0.29 percent, or 33.67 points, to finish at 11,543.65.

Combined turnover from the two bourses shrank to 113.75 billion yuan (17.59 billion U.S. dollars) from 123.45 billion yuan the previous trading day.

Losers outnumbered gainers 530 to 354 in Shanghai, and 752 to 486 in Shenzhen.

Cement shares rose 1.12 percent across the board. Taiyuan Lionhead Cement Co. rose by the daily limit of 10 percent for the second day to finish at 11.34 yuan per share, while Anhui Chaodong Cement Co. gained 4.21 percent to 19.81 yuan per share.

Shares of the banking sector also rose with Agricultural Bank of China, the country's third largest bank by assets, up 1.89 percent to 2.7 yuan per share, while Bank of China, also a major state-owned commercial lender, up 1.64 percent to finish at 3.1 yuan per share.

Securities shares fell with GF Securities down 2.72 percent to 33.66 yuan per share. Industrial Securities lost 1.71 percent to 14.94 yuan per share.