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BIZCHINA / Top Biz News
Bank shares lift Shanghai index to new high
By Li Zengxin (chinadaily.com.cn)
Updated: 2007-09-06 16:25
After a two-day adjustment, Chinese stocks resumed their upward path
today. Led by banking shares, the Shanghai Composite Index finished at
5,393.66 points, a record-high close.
Total turnover of stocks in the major indices was 250.4 billion yuan,
higher than yesterday.
Shanghai Composite Index
Source: sina.com.cn
Opening higher at 5,336.67, the index slid a little to 5,314.34 at first,
but then grew to break the 5,400-point mark a few times, with the highest
at 5412.32. In the latter half of the afternoon session, however, a few
big selling bids dragged the index back to lower levels. Finally it
closed 82.94 points or 1.56 percent higher than yesterday's closing.
Of the A shares listed in Shanghai, 429 went up, 330 closed down and 83
remained unchanged. Of the gainers, 23 were sealed at the maximum growth
cap of 10 percent, led by Guangzhou Iron and Steel. China Unicom, the
largest trader both in terms of trading volume and transaction value,
climbed 6.2 percent to 8.88 yuan, contributing to the index' rise.
Shenzhen Component Index
Source: sina.com.cn
The Shenzhen Component Index also opened higher at 18,089.54, and ended
at 18,073.76, up 71.76 points or 0.4 percent, failing to break the record
closing reached this Monday. It went through the day in a range between
17,951.78 and 18,225.61.
Of the A shares, 311 closed up, including 11 of them rising as much as 10
percent, while 253 fell and 75 ended flat. The largest trader China Vanke
edged up 0.6 percent to 33.29 yuan.
Stocks in the culture and media, petrochemicals and hydroelectricity
industries led today's surge while large-cap bank shares contributed the
most to the index rise. All of the 13 listed banks saw their share prices
going up today, pioneered by Huaxia Bank with a 10 percent surge. The
largest weight Industrial and Commercial Bank of China went up 2.2
percent, pointing out today's general direction for the market.
(For more biz stories, please visit Industry Updates)
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