Chinese share prices managed to rise slightly on Tuesday, as the Shanghai Composite Index closed 0.87 percent higher in the wake of overnight Wall Street rally.

 

Overnight, the Dow Jones Industrial Average climbed 176.72 points, or 1.45 percent, to 12,383.89 on expectation of further U.S. interest rates cut later this week.

 

The benchmark Shanghai index, which covers both A and B shares, once slumped 0.67 percent before late bargain hunting sent it up 38.65 points to 4,457.94. It traded between 4,389.52 and 4,517.60.

 

The rebound came after the key index plunged 7.19 percent on Monday, nearly matching the 7.22 percent of the largest percentage point loss in 7.5 months last Tuesday.

 

The Shenzhen Component Index edged up 28.11 points, or 0.17 percent, to 16,205.94

 

(Xinhua News Agency January 29, 2008)