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Shares soar, Sichuan Expressway sizzles

(China Daily/Agencies)
Updated: 2009-07-28 08:13

Chinese stocks rose, sending the Shanghai Composite Index to a new high, with Sichuan Expressway Co tripling its value on debut as the nation's economic rebound continued to spur demand for equities.

The benchmark index added 1.9 percent to 3,435.21, the highest close since June 2008. It reached a low on Nov 4 of 1,706.7. Toll-road operator Sichuan Expressway's 204 percent gain is China's biggest debut rally since March 2008.

Individual investors are rushing to buy stocks as a government stimulus plan and record bank lending revive the world's third-largest economy. Almost half a million stock accounts were opened in the week to July 17, data from the nation's clearing house showed, the most since January 2008.

"We've entered an extremely loose monetary policy environment where money is flowing into the system at unprecedented levels," Xue Lan, Citigroup Inc's Hong Kong-based head of China research, said yesterday.

Related readings:  Everbright Securities gets IPO green light  PBOC rules out monetary policy change  Overseas fund flow peaks in second quarter  China Construction may raise 50b yuan through float

Sichuan Expressway surged to 10.90 yuan at the close, more than three times the price of its Hong Kong-listed stock. It earlier jumped as much as 324 percent and was halted from trading twice. The company raised 1.8 billion yuan selling 500 million new shares at 3.60 yuan apiece.

"There is still a lot of hot money that's coming to the market to chase hot stocks," said Zhang Ling, who helps oversee about $7.21 billion at ICBC Credit Suisse Asset Management Co in Beijing. "Still, with lots of IPOs coming to the market, the negative impact of absorbing liquidity will gradually emerge."

Jiangxi Copper Co, the country's biggest producer of the metal, has surged fivefold this year as the price of copper jumped 81 percent in Shanghai trading.

Poly Real Estate Group Co, the nation's second-largest property developer, has climbed 165 percent. New home prices in 36 medium- and large-sized Chinese cities rose 6.3 percent in June from a year earlier, according to the NDRC.

Hang Seng jumps

Hong Kong's Hang Seng Index closed above 20,000 points for the first time since the collapse of Lehman Brothers in September on speculation an economic recovery will boost second-half earnings.

The Hang Seng Index advanced 1.4 percent to 20,251.62 as of the close in Hong Kong. The benchmark last closed above the 20,000 mark on Sept 9, just days before the collapse of Lehman.