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Chinese equities rise as int. rates fall

Wednesday, February 19 07:27:47

China shares rose to their highest level in nine weeks today, supported by the financial and energy sectors, as a decline in money market rates eased liquidity concerns.

The Shanghai Composite Index ended up 1.1 percent at 2,142.55 points, its highest close since Dec. 18.

The CSI300 of the leading Shanghai and Shenzhen A-share listings closed up 1.2 percent.

China Citic Bank Corp gained the maximum daily limit of 10 percent after reporting net profit growth of 26 percent in 2013.

Investors are awaiting the HSBC China manufacturing flash purchasing managers' index for February on Thursday morning for further clues on the economy.

Recent data has painted a mixed picture, with strong trade and bank lending figures suggesting resilient growth, while the PMI for January was the weakest in six months. ( C) Reuters