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Stock index closes up after diving deep

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-06-26 15:46

Special coverage: Markets Watch  Related readings:  Monday index down 3.68%, with lowest trading volume for June, 06/25  Stocks dive 3.29%, largest single day plunge since June 4  Stocks up with lowest turnover this week, 06/21

Chinese stocks made an unexpected uprising after further dives and weak growth for the most of the day today. The Shanghai Composite Index closed at 3,973.37, up 32.29 or 0.82 percent.

Total turnover of the stocks enclosed by the two major indices shrank to 171.4 billion yuan, the lowest since May 29.

The benchmark index opened 77.83 points lower from 3,863.25. After a short slide, it turned up a little but then dived to 3,818.85. After hitting the lowest point for the day, it edged up to the highest at 3,968.19, before riding down again by the noon break. In the afternoon, it formed a weak growth trend and accelerated in climbing soon before the closing to stop near the daily highest of 3976.19.

Shanghai Composite Index
Source:www.sina.com.cn

Of the A shares listed in Shanghai, 496 went up but 275 dropped and 68 finished unchanged.

On its first trading day back to the mainland's secondary market, China COSCO, the logistics and shipment conglomerate previously listed in the Hong Kong Stock Exchange, ranked on top of the gainers list with the largest trading volume and transaction value. Its share price rocketed 93.16 percent to 16.38 yuan. Yunnan Freetrade Science and Technology, however, dropped nearly 10 percent on the bottom.

The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, closed at the daily highest point of 13,219.41, up 110.16 points or 0.84 percent. It hit the lowest at 12,655.16 soon after the opening in the morning.

Shenzhen Component Index
Source:www.sina.com.cn

TCL, with the largest trading volume in Shenzhen, slid 0.26 yuan while China Vanke, with the largest transaction value, added up 0.12 yuan to its share price.

Stocks in the information technology, transportation and mining sectors were the best performers. China's home-grown computer makers Founder Technology Group and Tsinghua Unisplendour pioneered the high-tech industry in a surging wave.

B shares rose. Of the 109 listed B shares, 86 went up, 5 ended flat and 18 fell. Closed-end mutual funds were also up.