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Stock index dragged down 3.64% by bank shares

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-05-15 16:01

Mainland stocks opened higher but saw a big drop today. The Shanghai Composite Index ended at 3,899.18, down 147.21 points or 3.64 percent. Through the day, it had 3,891.36 as the lowest point and 4,069.85 as the highest.

Only 167 A shares in Shanghai saw their prices go up, while 573 companies lost and 98 ended flat. Suibao Thermo Power achieved the seventh consecutive maximum price hike, closing at 75.81 yuan.

Red chip Bank of Communications returned home by listing on the Shanghai exchange today, with price surged to 13.54 yuan from 7.90 yuan, up 71.39 percent. It was the most actively traded stock in Shanghai, with both trading volume and value both on top.

However, it was bank shares that led the fall. Heavyweights like the Industrial and Commercial Bank of China and Bank of China pressed the index down for the morning session. Prices of China Minsheng Banking Corp, China Merchants Bank, China CITIC Bank and Huaxia Bank all dipped. Orient Group was the biggest loser in Shanghai today.

The Shenzhen Component Index tracking the smaller Shenzhen Stock Exchange also opened higher at 11,754.70 but closed at 11,414.54 , down 2.71 percent. It went through the day within a bound between 11,397.57 and 11,828.93. Of the A shares, 125 were up, 388 down and 96 flat.

Shandong Helon, Shenzhen Century Plaza Hotel and Northeast Pharmaceutical Group were the top gainers, while Hubei Maiya led the fall. Haikou Agriculture, Industry and Trade (Luoniushan) and China Wanke ranked on top in terms of trading volume and value of transactions.