Shanghai sees dropping new stock accounts in September
Updated: 2007-10-16 11:53
The number of new stock investment accounts at the Shanghai Stock Exchange declined in September, according to a report by the Shanghai bourse. Total transaction value and trading frequency were also slightly down, compared with August, said the report.
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The total transaction value at the Shanghai exchange was 3.95 trillion yuan (US$526 billion), including stock transactions totaling 3.05 trillion yuan. In comparison, the total transaction value was 4.41 trillion yuan, including stock turnover of 3.56 trillion yuan for August.
In the meantime, the trading frequency of floating shares was 67.55 percent, down from 86.51 percent in August. By sectors, shares in the electronics industry had the highest frequency of 96.61 percent, while timber and furniture makers had the lowest at 34.74 percent.
Although the number of new share accounts and turnover both declined last month, the weighted average price to earnings (P/E) ratio reached a new high of 63.7, up from 59.17 for August. By sectors, stocks in the manufacturing industry had the highest P/E ratio at 134.86. That of the real estate sector hit 107.37. Financial shares had a P/E ratio of 64.34 and the metal and non-ferrous metal sector had a relatively low ratio of 43.41. Mining stocks had the lowest P/E ratio, at 42.71.
According to the statistics, the top five stocks in terms of turnover last month were China Unicom, Chalco, Sinopec, CITIC Securities and China Minsheng Banking Corp.
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