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Talk of gov't support drives stocks up 7%

(Xinhua)
Updated: 2008-08-20 17:30

BEIJING - Chinese shares surged more than 7 percent on Wednesday, making their largest one-day gain in four months, with all but one company rising amid speculation that the government would act to support the market and boost the economy.

The benchmark Shanghai Composite Index jumped 7.63 percent, or 178.81 points, to close at 2,523.28. The Shenzhen Component surged 7.13 percent, or 567.58 points, to close at 8,531.15.

Aggregate turnover jumped to 65.7 billion yuan (US$9.59 billion), more than double Tuesday's 30.5 billion yuan.

Gains outnumbered losses by 825-1 in Shanghai and 676-0 in Shenzhen.