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Chinese shares surged 2.6 percent to a new five-year closing high on Tuesday, rebounding from a 1.73 percent drop the previous day, as funds frozen during ICBC's initial public offer began returning to the market.
The Shanghai composite index finished at 1,805.181 points, the highest closing level since late September 2001, just short of its intra-day high of 1,805.273 points. The rise was the biggest daily percentage gain since mid-June. But turnover in Shanghai A-shares was a moderate 22.3 billion yuan ($2.8 billion), down from 24.3 billion on Monday.
An index heavyweight, oil refiner Sinopec Corp, jumped 6.39 percent to 5.99 yuan on Tuesday, extending a 2.74 percent rise on Monday. The company's share prices plunged over 21 percent on October 10, the first day it resumed trading, after the company compensated its A-share holders with 2.8 bonus shares for every 10 shares held.
Analysts had expected the share price to rebound 10-15 percent after that, while they believed low global oil prices also helped boost the stock. Airline stocks gained on the same reason, with Air China surging 4.2 percent to 3.72 yuan. It hit a post-listing intra-day high of 3.78 yuan during trade.
China Vanke gained 3.09 percent to a record closing high of 8.00 yuan, and Poly Real Estate soared 5.2 percent to 27.71 yuan. China's Baoshan Iron and Steel Co, the world's fifth-biggest steelmaker by output, rose 1.64 percent to 4.33 yuan.
Xugong Science & Technology Co jumped 4.86 percent to an over two-year high of 6.90 yuan as it resumed trading after a one-week suspension. Carlyle Group raised by 20 percent its offer price for a reduced stake in the company's parent Xugong Group Construction Machinery Co, official media reported.
Yanjing Brewery Co, China's third-largest beer maker, rose 1.94 percent to 7.90 yuan after it said its third-quarter net profit rose 5 percent. China's Dazhong Transport rose 2.78 percent to 5.91 yuan after the company said its third-quarter net profit was up 18.6 percent.
Shanghai Petrochemical Co and Yizheng Chemical Fibre two listed arms of Sinopec, plunged as they resumed trading after being suspended for the announcement of reforms of their state shareholding systems. Shanghai Petrochem fell its daily 10 percent limit to 5.58 yuan while Yizheng lost 8.42 percent to 3.70 yuan.
But the Hong Kong-listed shares, which had slid over 13 percent during the A-shares' suspension from the end of September through Monday's close, rose on Tuesday. Shanghai Petrochemical Co rose 1.8 percent to HK$3.38, while Yizheng Chemical Fibre rose 4.23 percent to HK$1.47.

Copyright Reuters, 2006

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