BIZCHINA> News
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BIZCHINA> News
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Stocks close down amid turbulent swings
By Li Zengxin (chinadaily.com.cn)
Updated: 2007-05-24 16:42 Chinese stocks failed to make a fourth consecutive record-breaking day today, with the benchmark Shanghai Composite Index closing 0.54 percent down to 4,151.13.
Opening higher from 4,188.68, the index saw weak support of buying bids today. After hitting the highest 4,208.39-point, it met with a huge sum of selling tenders and dived 63 points down to a temporary bottom within 15 minutes. Later, stock investors experienced another "heart-beating" day, watching the index fluctuate violently, as the dominant sides switched constantly between the sellers and buyers.
Transaction value on the main boards of the two exchanges hit 389.42 billion yuan, the largest this month. In Shanghai, prices of 241 stocks went up, while 533 were down and 66 ended flat. Shannghai Dazhong Public Utilities (Group) was the top gainer, with its share price rising 10.03 percent to 17.45 yuan. Fujian Cement and Henan Pinggao Electric also saw their share prices sealed at the maximum cap while Shanghai Automation Instrumentation dropped 7.21 percent as the biggest loser. The Industrial and Commercial Bank of China, with both the largest trading volume and transaction value, rose 0.72 percent to 5.56 yuan. Also opening higher, the Shenzhen Component Index ended at 12,515.15, down 0.86 percent. It went through the day within a range between 12,316.93 and 12,770.92. Of its A shares, 152 closed up, 371 went down and 86 ended flat.
Fujian Minnan (Zhangzhou) Economy Development and Jinhua Group Chlor-alkali were the top gainers, while XJ Electric led the fall at the Shenzhen market. TCL had the largest trading volume while China Vanke ranked on top in terms of transaction value, both of which closed higher than yesterday. (For more biz stories, please visit Industries)
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