Chinese shares rise for 3rd consecutive session despite interest rate hike

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    BEIJING, Dec. 21 (Xinhua) -- Chinese shares rose for the third day in a row on Friday, as investors shrugged off the sixth interest rate hike this year.
    The central bank raised the benchmark one-year deposit rate by 0.27 percentage points and the lending rate by 0.18 percentage points late on Thursday, in a fresh move to curb inflation and cool the sizzling economy.
    Investors believe the rate hike is the last of the tightening measures for a while, according to Shanghai Shiji Investment Consulting.
    It added that possible short-term gains or losses would be limited as investors disagree over the direction in which the market is headed.
    The benchmark Shanghai Composite Index, which covers both A and B shares, closed up 58.24 points, or 1.15 percent, to end on 5,101.78. It traded between 5,013.76 and 5,112.39 after rising 2.06 percent on Thursday and 2.18 percent on Wednesday.
    The Shenzhen Component Index on the smaller Shenzhen Stock Exchange climbed 183.27 points, or 1.10 percent, to 16,808.68.
    The Hushen 300 Index, which accounts for 60 percent of the nation's stock market value, rose 64.66 points, or 1.28 percent, to 5,101.85.
    Winners led losers by 689 to 85 in Shanghai and 509 to 78 in Shenzhen. The combined turnover of the two bourses rose to 153.15 billion yuan (20.8 billion U.S. dollars) from 128.65 billion yuan in the previous session.
    Banking and property stocks were mixed.
    Heavyweight Industrial and Commercial Bank of China went up 1.39 percent to 8.00 yuan. Mid-sized Industrial Bank dipped 0.97 percent to 49.12 yuan.
    COFCO Property rose 4.00 percent to 23.40 yuan and China Vanke, the nation's largest listed property developer, slipped 0.28 percent to 28.30 yuan.
    Blue chips and nonferrous metals stocks led the gains. PetroChina, which accounts for nearly a quarter of the total weight of the benchmark index, was up 0.13 percent to 30.54 yuan. Sinopec, China's largest oil refiner, edged up 0.30 percent to 23.11 yuan.
    China Life, the nation's largest life insurer, rose 2.23 percent to 58.60 yuan.
    China Railway continued to rise, leaping 6.22 percent to 10.59 yuan after surging by the daily limit of 10 percent on Thursday. Investor enthusiasm comes after news that the company is set to be given a 40-billion-yuan contract for the Beijing-Shanghai high-speed railway project.
    Nonferrous metals stocks also posted strong gains following weak performances in recent days and Friday's price rise in the copper futures in Shanghai, said analysts. Yunnan Copper Co. jumped 3.97 percent to 51.30 yuan.
               
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