Stocks ladder up to new ground
By Li Zengxin (chinadaily.com.cn)Updated: 2007-05-29 16:02
Stocks in the real estate and construction sectors pioneered the growth. Tianchuang Property surged 10.02 percent to 15.04 yuan, followed by Beijing Urban Construction Investment and Development as the biggest gainers in the category. Companies in the mining industry were also among the best performers today.
B-shares failed to maintain an escalating trend, with the Shanghai Composite B-share Index ending down 3.41 percent and the Shenzhen Component B-share Index dropping 0.27 percent. Of the 109 B-shares, only 15 went up today. Of the few gainers, Jiangsu Xincheng Real Estate was on top of the list with a 10 percent price hike.
The bull run shows no sign of flagging, with the Shanghai Composite Index continuously ascending to higher platforms, the latest on the 4,300 level. Total market value of the securities traded on the two exchanges exceeded 18 trillion yuan by yesterday's closing.
May 28, 2007 Unit: billion yuan
|
|
Shanghai |
Shenzhen |
Total |
|
Total market value |
14,213.5 |
4,323.4 |
18,536.9 |
|
Total market value of floating shares |
4,147.2 |
2,154.7 |
6,301.9 |
|
Turnover |
258.1 |
133.4 |
391.5 |
|
Average price to earnings ratio |
44.89 |
56.37 |
N/A |
At the same time, investors' accounts broke through the magic number of 100 million yesterday, including 26.6 million new accounts opened in 2006. By last Friday, total stock accounts in the two exchanges reached 99.8189 million, according to China Securities Depository and Clearing Co Ltd. And because the average daily new account openings has been around 300,000 this month, it is expected that total investor accounts have exceeded the milestone 100 million mark yesterday, although official data is yet to be released.
However, 100 million accounts do not mean there are 100 million investors, or
roughly one thirteenth of the Chinese population are investing in the stock
market. Such an account in the pool could be in three formats: A-share, B-share
and fund accounts. Each investor may have one to six accounts - each type of the
three at the two bourses. Presently there is no such data to clarify how many
investors hold stock accounts and how many of them are active accounts with
daily transactions.
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