Bank shares lift Shanghai index to new high, 09/06
Updated: 2007-09-06 16:25
After a two-day adjustment, Chinese stocks resumed their upward path today. Led by banking shares, the Shanghai Composite Index finished at 5,393.66 points, a record-high close.
Total turnover of stocks in the major indices was 250.4 billion yuan, higher than yesterday.
Shanghai Composite Index
Source: sina.com.cn
Opening higher at 5,336.67, the index slid a little to 5,314.34 at first, but then grew to break the 5,400-point mark a few times, with the highest at 5412.32. In the latter half of the afternoon session, however, a few big selling bids dragged the index back to lower levels. Finally it closed 82.94 points or 1.56 percent higher than yesterday's closing.
Of the A shares listed in Shanghai, 429 went up, 330 closed down and 83 remained unchanged. Of the gainers, 23 were sealed at the maximum growth cap of 10 percent, led by Guangzhou Iron and Steel. China Unicom, the largest trader both in terms of trading volume and transaction value, climbed 6.2 percent to 8.88 yuan, contributing to the index' rise.
Shenzhen Component Index
Source: sina.com.cn
The Shenzhen Component Index also opened higher at 18,089.54, and ended at 18,073.76, up 71.76 points or 0.4 percent, failing to break the record closing reached this Monday. It went through the day in a range between 17,951.78 and 18,225.61.
Of the A shares, 311 closed up, including 11 of them rising as much as 10 percent, while 253 fell and 75 ended flat. The largest trader China Vanke edged up 0.6 percent to 33.29 yuan.
Stocks in the culture and media, petrochemicals and hydroelectricity industries led today's surge while large-cap bank shares contributed the most to the index rise. All of the 13 listed banks saw their share prices going up today, pioneered by Huaxia Bank with a 10 percent surge. The largest weight Industrial and Commercial Bank of China went up 2.2 percent, pointing out today's general direction for the market.
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