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China's shares strengthened yesterday after investors picked up large-capitalized stocks such as Sinopec Corp as concerns over the re-emergence of SARS abated.

The benchmark Shanghai composite index, grouping hard-currency B shares for foreigners and yuan-denominated A shares, finished 1.02 per cent higher at 1,511.691 points.

The index fell more than one per cent on Monday on fears sparked by a suspected SARS case in South China's Guangdong Province.

The Shenzhen Composite Sub-index closed at 3,509.70, up 0.91 per cent. The Shanghai B share index gained 0.43 per cent to 105.699 and the Shenzhen B share index rose 0.18 per cent to 274.11.

Oil giant Sinopec Corp, Asia's largest refiner and the biggest capitalized firm on the Chinese mainland bourses, was one of yesterday's most active counters.

Its A shares rose 2.45 per cent to 5.01 yuan (61 US cents) after the firm said yesterday it will buy two units from its parent, boosting its refining capacity.

Market heavyweight Yangtze Electric Power Co Ltd, the firm which runs the world's largest hydropower project - the Three Gorges Dam - climbed 4.29 per cent to 8.99 yuan (US$1.09).

It has gained 45 per cent since November 19, outperforming the market's smaller rise during the same period, as investors bet that a power shortage in China would boost its bottom line.

The Shanghai index has gained 15 per cent since hitting a four-and-a-half-year low on November 18, buoyed by technical buying after a persistent slump that lasted for much of the year.

Analysts said the index was likely to rise another 2 or 3 per cent to test the psychologically important 1,550-point level in the near term as investors are positive on market prospects for 2004.

"Today, the index recovered nearly all its losses made a day earlier, seemingly due to an ease of SARS worries," said analyst Di Xing at Huatai Securities.

"Most investors are optimistic over stock market performance next year and will hold on to their portfolios."

Taiwan-funded Zhejiang King Refrigeration Industry Co Ltd, the first Taiwan joint venture to list A shares on a Chinese mainland bourse, ended up 22.19 per cent at 8.92 yuan (US$1.08) on its debut in Shanghai.

The yuan ended one notch firmer versus the US dollar at 8.2767, near the stronger end of its managed trading range.

Turnover, an active $1.67 billion on Monday, was not available last night. The yuan firmed to 7.7264 against 100 Japanese yen from 7.7326, and weakened to 10.3383 against the euro from 10.2981.

The yuan moves in a band of 8.2760 to 8.2800 enforced by the central bank.

China's central bank plans to issue up to 10 billion yuan (US$1.21 billion) in short-term bills this week in the last such open market operation the year to sap funds from the system, it said on Monday.

The People's Bank of China issued the three-month bills, bearing the same low yields as last week, yesterday on the Shanghai-based interbank market, where it conducts the operations with major Chinese banks.

Traders said results would likely not be announced, as has happened in recent weeks.

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