China shares close flat on weak investor confidence

December 17th, 2008 - 3:27 pm ICT by IANS  

Beijing, Dec 17 (Xinhua) In contrast to gains on regional markets following an overnight strong rally on Wall Street, Chinese stocks closed merely 0.09 percent higher amid heavy trading Wednesday. Earlier gains were wiped out in the afternoon by losses in heavyweights.

The benchmark Shanghai Composite Index finished the day at 1,976.82 points, up 1.81 points, after hitting a high of 2,003.38 in the morning.

The smaller Shenzhen Component Index closed 36.55 points, or 0.5 percent, higher at 7,286.87.

Wednesday’s combined turnover in Shanghai and Shenzhen reached 104.74 billion yuan ($15.3 billion), almost 30 percent higher than 79.8 billion yuan registered on the previous trading day.

Markets outside the country all posted broader gains Wednesday after the U.S. Federal Reserve axed its benchmark interest rate to a record low of zero to 0.25 percent on Tuesday.

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