Index rallies 2.5% after week-long dive
Updated: 2008-03-19 16:42
The major Chinese stock index rebounded nearly 100 points Wednesday after diving more than ten percent over the past week, although the rally was not enough to boost investors' waning confidence in the market.
| Shanghai Composite Index |
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Source: Sina.com.cn |
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The benchmark Shanghai Composite index opened some two percent higher at 3,746 points in the morning and rocketed to an intraday high of 3,813.89 points at the beginning of the afternoon trading. A lack of substantial positive news and investor uncertainty about the market again sparked some sell-outs in the afternoon, but the index managed to close at 3,761.60 points, gaining 2.53 percent, up for the first time since last Tuesday.
The Shenzhen Component Index performed even stronger with a 4.45 percent rise to 13,044.20 points. The CSI 300 index, covering 60 percent of market value in both markets, also grew 3.32 percent to 3,888.86 points.
Turnover of the two markets totaled 135.97 billion yuan (US$19.21 billion), with over 1,300 stocks ending higher.
