Stock index bounces back
By Li Zengxin (chinadaily.com.cn)Updated: 2007-05-14 16:28
Mainland stocks bounced back today after last Friday's dive. The Shanghai Composite Index closed at 4,046.39, up 0.61 percent. Soon after a fearsome opening at 3,970.66, the index hit the lowest point of 3,940.36. But the index held its brake, turned around and climbed all the way to the highest 4,081.43 as the highest.
On the Shanghai Stock Exchange, prices of 401 A shares went up, 362 were down and 75 ended flat. Harbin Shirble Electric-Heat achieved the sixth consecutive maximum price hike, closing at 68.92 yuan. Shandong Jiufa Edible Fungus and Zhejiang Hisun Pharmaceutical were also up to the 10 percent ceiling. While Dazhong Transportation Group was dragged 7.72 percent down to 23.68 yuan. Again China Unicom and China Minsheng Banking Corp were on top in terms of trading volume and value of transactions respectively.
The Shenzhen Component Index tracking the smaller Shenzhen Stock Exchange opened also lower at 11,356.95, but closed at 11,732.08, up 2.11 percent. It went through the day within a bound of 11,244.21 to 11,814.56. Of the A shares, 249 were up, 261 down and 99 flat. Konka Group, Fujian Sanmu Group and Jilin Guanghua Holding Group had largest gains while Guangdong Well Medical led the fall. China Wanke was on top both in trading volume and value of transactions.
Price increase in index-drivers including Sinopec, Bank of China and China Wanke squeezed out the room for further sliding. Bank of Communications is going to list on the Shanghai Stock Exchange tomorrow while the long-sides on China Merchants Bank and China Minsheng activated a new hot spot in the market and strengthened investor's confidence.
Real estate and steel sectors were strong. Led by Sanmu Group, real estate
shares were up more than 3 percent. Guizhou Maotai resumed trading at 10:30 and
saw its price close 2.6 percent up at 94.39 yuan. Zhejiang Hangxiao Steel
Structure was punished with a penalty of 700,000 yuan for misconducts in
information disclosure, but its shares rose 9.98 percent to 14.88 yuan today.
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