After a turning-back in the largest band of swings in history yesterday, the benchmark index opened higher from 3,781.38 and dived 98 points to the temporary lowest point within five minutes. Then it turned around and climbed up. On an upward trend, the index met with several quick but short downfalls. At 10 minutes to the closing, it hit the highest point of 3,818.51 for the morning but slid a little to the final point.

The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, opened higher from 12,114.24, and closed at 12,253.96, up 236.25 points or 1.97 percent. It went through the morning session within a range from 11,777.64 to 12,287.88.

Of the A-shares, 1,133 went up, 186 fell and 131 closed unchanged. China Animal Husbandry Industry ranked on top of the Shanghai exchange with a 10.02 percent surge to 24.04. Sichuan Shuangma Cement, resuming for the first trading day after a share-split reform, rose 75.78 percent as the biggest gainer in Shenzhen.

Guangdong Meiyan Enterprise (Group) saw the largest trading volume and Chalco had the largest transaction value in Shanghai. TCL and China Vanke ranked on top in Shenzhen. All the largest traders went up this morning.

Stocks in the mining, construction and paper industries led the rising trend. Datong Coal Industry was again sealed at the maximum increase cap of 10 percent. Real estate shares also performed well today.

B shares were up. Of the 109 B shares listed on the two exchanges, 79 rose and six ended flat. Funds were also strong.

It seemed the bottom was hit yesterday and stocks were gathering strength for a long-march comeback to the higher levels. But till yesterday, the volatility in the market has scared loads of investors and capital away.

The new A-share account opening yesterday was 197,300, the smallest amount for two months. Total account opening was 240,500 at the two stock exchanges, including 2,656 B-share and 40,500 fund accounts for that day, according to China Depository and Clearing Co Ltd.

The IPO committee of CSRC approved the initial public offering (IPO) application by Western Mining Co Ltd yesterday. The metal miner will issue no more than 500 million A shares on the Shanghai Stock Exchange.

CSRC approved the IPO application by COSCO Holdings last Friday, in a bid to speed up IPO processing and enlarge the capital outflow channel. But that does not mean the IPO committee is too desperate to push all the applicants up to the boards, said a source. Zhejiang Southeast Packaging Co Ltd failed to get the nod yesterday.

The continuous price increase on pork has raised fear for the central bank to hike the interest rates again. In May, prices of meat in 36 largest cities in China were up 10.5 percent. And some regional economies showed signs of overheating.

The central bank is closely monitoring the issue, said Zhou Xiaochuan, governor of the People's Bank of China. "We will keep an eye on it. But we focus more on the consumer price index (CPI). Although food takes up the largest weight in the CPI, we still need to know if and how exactly the pork price increase affects the CPI," Zhou said.

The results for May will be available around June 10. Then the central bank will make its move depending on the data. And it may apply any appropriate monetary instrument, including but not restraint to the interest rate adjustment, added Zhou.

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