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Stocks make U-turn, finish around critical frontier

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-05-16 16:36

Mainland stocks saw another day of violent fluctuation today after a nearly 4 percent plunge yesterday, the biggest one-day fall in a month.

The markets opened lower but closed up in the afternoon session, with the Shanghai Composite Index ending at 3,922.51, up 86.87 points or 2.23 percent from the previous closing.

The index fluctuated violently through the day, especially in the morning: opening from 3,890.81 and immediately climbing up to the highest point in the morning, then diving to the bottom of 3,845.23, and later returning to the opening level by noon and rising steadily to today's highest 3,987.41 in the afternoon.

On the Shanghai Stock Exchange, as many as 703 stocks went up, only 63 were down and 72 ended flat. Shanghai Erfangji was the top gainer, with share prices rising 10.05 percent to 10.84 yuan. Hunan Huasheng and Fujian Furi Electronics also saw their share prices sealed at the maximum cap. While Sinopec Yizheng Chemical Fiber dropped 5.03 percent as the biggest loser.

Bank of Communications failed to maintain a strong growth path like its debut yesterday. Value of total transactions of the bank’s shares was the largest in Shanghai, but the selling dropped -0.44 percent to 13.48 yuan. China Unicom saw the largest amount of trading which pushed its shares up 1.32 percent to 6.16 yuan.

The Shenzhen Component Index tracking the smaller Shenzhen Stock Exchange closed at 11,682.35, up 2.35 percent. It went through the day session within a bound between 11,266.32 and 11,687.78. Of the A shares, 454 were up, 57 down and 99 flat.

Tianjin Pulin made a strong debut on the Shenzhen bourse, with share price rose 114.98 percent to 17.80 yuan. Yantai Dongfang Electronics Information Industry and Liaoning Huajin Tongda Chemicals were also top gainers, while Shenzhen SDG Information led the fall. TCL and Wuliangye Yibin ranked on top in terms of trading volume and value of transactions.