Chinese share prices shot up by 2.46 percent, or 141.77 points, on Thursday with the benchmark
Shanghai Composite Index closing at a new high of 5,913.23 points on back of the bullish run of energy and banking shares.
It was the fourth straight daily rise for the index this week.
Heavyweight shares, energy and banking shares in particular, continued to buoy the market.
Share prices of Sinopec, the country's largest oil refiner, and the newly-listed China Shenhua and China Oilfield Service Limited rose to the daily ceiling of 10 percent.
China Life followed with a 6.01-percent rise to end the day at 71.12 yuan per share.
China Merchants Bank, the Industrial and Commercial Bank of China and the Bank of China also registered considerable gains.
More than half of the 571 listed companies that have released their third-quarter profit forecasts were expecting rising profits, with about 130 firms predicting a 100-percent increase in their third-quarter profits.
Meanwhile, smaller shares suffered more losses. The
Shanghai bourse recorded 651 losers against 235 gainers, while the
Shenzhen bourse saw 478 shares fall with only 171 shares rising.
Shang Fulin, chairman of the China Securities Regulatory Commission (CSRC), said at a forum held in
Beijing on Thursday that the country would continue to boost the stock market and the corporate bonds market, in order to promote direct financing by Chinese firms.
Statistics show that capital raised on the stock market was parallel to only 9.25 percent of new loans granted in the first eight months, while corporate bonds only totaled 450 billion yuan (about 60 billion U.S. dollars).
On the other hand, Chinese investors, who have little to choose from when it comes to investment products, poured another 170 billion yuan (22.6 billion U.S. dollars) into the A share accounts in September, elevating the capital available for investment in the A share market to a new high of 1.47 trillion yuan (195.5 billion U.S. dollars).
Gui Minjie, vice chairman of CSRC, said at the same forum that China would steadily encourage the development of the stock-oriented QDII fund that could invest in overseas markets, aiming to provide more financial options for Chinese investors.
The
Shenzhen Component Index on Thursday registered a slight increase of 0.43 percent, or 80.11 points, to end the day at 19,344.16 points.
The combined turnover on the two bourses remained high, hitting 255.1 billion yuan (about 34 billion U.S. dollars).
