Stocks climb 1.95% in absence of immediate tightening
Updated: 2007-09-13 16:41
In absence of feared "overnight" tightening measures, Chinese stocks moved clearly upward today and took back ground lost due to Tuesday's consumer price index release. The Shanghai Composite Index closed 100.97 points or 1.95 percent higher at 5,273.59.
Total turnover of the stocks in the major indices was 213.8 billion yuan, down from yesterday's 225.6 billion yuan and the lowest of the week.
Shanghai Composite Index
Source: sina.com.cn
The benchmark Shanghai index opened 20 points higher at 5,193.41 and touched a low of 5,178.87 before marching up to the 5,200-point level. After hitting a temporary high, it slid back to the second lowest point of the day soon before the noon break. In the afternoon, however, it began another rebound and finished just lower than the highest 5,276.77.
Of the A shares listed in Shanghai, 606 closed up, 161 dropped and 75 remained unchanged. Shanghai Fenghua group ranked on top of the gainers list and led another 29 stocks rising to the maximum growth cap of 10 percent.
The Industrial and Commercial Bank of China resumed first place in terms of trading volume and saw its share price grow 1.1 percent to 6.46 yuan. CITIC Securities, which recently won approval to invest in unlisted companies, was traded most actively in terms of transaction value and gained 8.6 percent to 88.92 yuan.
Shenzhen Component Index
Source: sina.com.cn
The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, finished at 17,959.52, up 561.11 points or 3.23 percent. Opening higher at 17,469.25, it went through the day above the previous closing level, between 17,406.96 and 17,971.52.
Of the A shares, 451 rose, 117 fell and 74 ended flat. Guangdong Orient Zirconic Industrial, Science and Technology rocketed 496 percent on its debut in the Shenzhen bourse. Another two new shares, Nanjing Hongbaoli and Guilin Layn Natural Ingredients both grew over 2.5 times their original prices. The largest trader China Vanke was up 3.1 percent to 31.93 yuan.
Stocks in the mining and metal industries continued their march today. Real estate developers returned to the top of the league, after leading the dive of the market in the 4.5 percent plunge on Tuesday. Service providers were also strong.
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