Stock index plunges after turbulence
By Li Zengxin (Chinadaily.com.cn)Updated: 2007-05-11 16:00
Mainland stocks opened lower and turbulence in share prices were seen during the day. The Shanghai Composite Index closed at 4,021.68, down 0.69 percent. For the whole day, the benchmark index ran below yesterday's closing level, within the range from 3,949.37 to 4,039.67. However, B shares were strong with Shanghai B-Share Composite Index rose 3.85 percent.
On the Shanghai Stock Exchange, prices of 301 A shares went up, 448 were down and 89 ended flat. Suibao Thermo Power achieved the fifth consecutive maximum price hike today, closing at 62.65 yuan. Huafang Textile and Anxin Trust ranked on top of the price hike list. Zhongfu Industrial was dragged 5.35 percent down to 28.66 yuan.
Commercial banks including China Minsheng Banking Corp, China Merchants Bank and the Industrial and Commercial Bank of China had the largest value of transactions during the day. Drops in heavy weights including China Life, Sinopec and Bank of China pressed the index down for the first day after the week-long holiday.
The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, closed at 11,489.93, down 0.73 percent. It went through the day within a bound of 11,237.20 to 11,522.85. Of the A shares, 181 were up, 318 down and 110 flat. International Industrial, Jilin Aodong and CCID Media ranked on top while Huashen Group led the fall. Largest traders included Wanke and Zinc Stock.
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