Stocks finish up despite multiple pressures
Updated: 2007-09-10 16:37
Chinese stocks responded to multiple depressing forces, possibly enough to incur further tightening measures by the government.
With a lower opening, the Shanghai Composite Index went down over 100 points and ran through the morning session below Friday's close. In the latter half however, the major indices not only regained lost ground but also finished higher than last Friday.
The pressures include an expected record-high consumer price index (CPI) for August and the rising value of the Chinese currency. Total turnover of the stocks in the major indices was 235.2 billion yuan, lower than Friday.
Shanghai Composite Index
Source: sina.com.cn
The benchmark Shanghai index opened lower at 5,208.32, slid to its low of 5,169.91 and went through the morning below Friday's closing level. When trading resumed after the noon break, however, it began marching up. By the end of the day, it finished at 5,355.29, 78.11 points or 1.48 percent higher than the previous closing, just a little lower than today's highest 5,356.86.
Of the A shares listed in Shanghai, as many as 587 went up, including 36 of them reaching the maximum daily growth cap of 10 percent. Only 188 closed down and 67 ended flat. The Industrial and Commercial Bank of China, with the largest trading volume, dropped 0.15 percent. Bank of Communications, with the largest transaction value, rocketed nearly 9 percent to 14.37 yuan.
Shenzhen Component Index
Source: sina.com.cn
The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, opened at 17,473.23 but closed 244.38 points or 1.38 percent higher at 17,918.48. Mapping out a similar trend to its Shanghai counterpart, the index went through the day within a range of between 17,310.96 and 17,953.15.
Of the A shares, 406 climbed up, 157 fell and 76 remained unchanged. Large traders TCL and China Vanke were both up over 1 percent.
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