Chinese equities gained 1.65 percent Wednesday, with the benchmark index climbing above the 3000-point mark.

The benchmark Shanghai Composite Index on the Shanghai bourse closed at 3,008.15 points, up 48.79 points. The Shenzhen Component Index closed at 11,848.75 points, up 282.14 points, or 2.44 percent.

Total turnover expanded to 231 billion yuan (33.97 billion U.S. dollars) from 213.58 billion yuan on the previous trading day.

This is the first time since June 11 last year that the Shanghai Composite Index stood above 3,000 points, marking a 65-percent rise of the index during the first half. More than 500 stocks doubled their prices, said Li Daxiao, head of research institute with Yingda Securities.

Real estate shares and financial stocks led the rise. As the climate of property market went warmer, property shares went strong, with BEIH-Property Co. rising by daily limit of 10 percent to 7.55 yuan, and China Vanke up 3.45 percent to 13.19 yuan.

Industrial and Commercial Bank of China gained 1.11 percent to 5.48 yuan, and China Ping An jumped 5.68 percent to 52.27 yuan.

The market would continue to go up and would have strong support if the country reported favorable economic data for the first half and companies recorded profitability in half-year report, said He Qiang, economist from Central University of Finance and Economics

(Xinhua News Agency July 1, 2009)