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China Stocks Surge On Spending Plan |
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Written by CNNMoney
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Wednesday, 04 March 2009 |
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Article Source: CNNMoney
Written - March 4th, 2009
Shanghai Composite Index rises amid government spending plans and upbeat economic data.
SHANGHAI (Reuters) -- China's main stock index surged over 6% on Wednesday, posting its biggest gain since November, after the government said it would expand its fiscal spending plan and data supported hopes for an early economic recovery. The Shanghai Composite Index rocketed 6.12% in heavy trade to close at 2,198.107 points, just off the day's high of 2,201.727. Sectors rose sharply across the board. Gaining Shanghai A shares overwhelmed losers by 917 to one, with over 50 shares rising their 10% daily limits. Turnover in Shanghai A shares climbed to a one-week high of $18.6 billion.
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