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BIZCHINA> News
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Mainland tops HK in stock market value
By Lin Guan (chinadaily.com.cn)
Updated: 2007-04-11 17:17 Statistics show that the combined market value of the Shanghai and Shenzhen stock exchanges reached 13.768 trillion yuan (US$1.782 trillion) on April 9, topping the combined worth of Hong Kong's Main Board and Growth Enterprise Market for the first time, which totalled 13.6980 trillion yuan. The Hong Kong stock market had been on Easter break since its last trading day on April 4, when it closed at HK$13.8476 trillion, equal to 13.6980 trillion yuan, according to the exchange rate of 0.9892. The Shanghai Stock Exchange closed on April 9 with a market value of 10.7138 trillion yuan, with 10.6430 trillion yuan from A-shares and 70.866 billion from B-shares. The total worth of the Shenzhen Stock Exchange stood at 3.0543 trillion yuan, to which A-shares devoted 2.9557 trillion yuan and B-shares 98.616 billion yuan. Analyst said competition between the mainland and Hong Kong had escalated from market sources into international ranking. Though each of the Shanghai and Shenzhen stock markets is relatively smaller than that of Hong Kong, the Shanghai market may be able to be on the list of the world's top 10. According to the ranking released in November 2006, the world's No 10 Swiss, which had a total market value of 9.25 trillion yuan, is defeated by the Shanghai market with its current value. Analyst said the stock markets in the mainland will continue with their fast expansion, if the market remains stable. It's predictable that after the return of gigantic State-owned enterprises such as China Mobile, PetroChina and China National Offshore Oil Corp to the A-share market, capital as much as one trillion yuan could be brought in. (For more biz stories, please visit Industries)
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