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Stocks edge up amid price corrections

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-06-06 15:52

Special coverage: Markets Watch  Related readings:  Stocks edge up amid short-range swings  Stocks bounce back after plunging deepe  Stocks keep plunging deep in morning session  Stock market sees biggest single-day slump in 10 years

Chinese stocks edged up with frequent but short-ranged fluctuations today. The Shanghai Composite Index closed at 3,776.32, up 9.22 points or 0.24 percent from yesterday's closing.

After a turning-back in the largest band of swings in history yesterday, the benchmark index opened higher from 3,781.38 but dived 98 points to the lowest point of 3,682.79 within five minutes. Then it turned around and climbed up.

Through the day, the index met with several quick but short-ranged ups and downs, implying frequent exchanges in dominant positions of the buying and selling sides. Soon after trading resumed in the afternoon, it hit its daily highest at 3,821.70.

Shanghai Composite Index
Source: www.stockstar.com

Total turnover of the stocks enclosed by the major stock indices was 255.9 billion yuan, smaller than that of yesterday.

At the Shanghai bourse, 488 stocks saw their prices rise, 288 fell and 63 ended flat. Shandong Heungkong Holding rose 10.04 percent to 15.02 yuan as the top gainer. Shanghai First Pharmacy and Inner Mongolia Jinyu Group were also sealed at the maximum cap of 10 percent. Hebei Baoshun, however, led other loss-making "special treatment" stocks as the biggest losers.

Guangdong Meiyan Enterprise (Group), with the largest trading volume, saw its share price rise 10.03 percent to 6.58 yuan. Chalco with the largest transaction value also went up.

The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, opened higher from 12,114.24, and closed at 12,338.18, up 320.47 points or 2.67 percent. It went through the day within a range from 11,777.64 to 12,381.29.

Shanghai Composite Index
Source:www.stockstar.com

Of its A shares, 368 went up, 165 down and 78 unchanged. Of the gainers, Sichuan Shuangma Cement led the surge while Shenzhen International Enterprise fell most.

Heavyweight blue-chips China Unicom, the Industrial and Commercial Bank of China and Sinopec all fell slightly, dragging the indices down on their ways up. Stocks in the mining, real estate and construction industries performed well. Datong Coal Industry was again sealed at the maximum increase cap of 10 percent.

B shares finished mixed. Of the 109 B shares listed on the two exchanges, 47 rose but 56 closed down. Hainan Pearl River Holdings climbed 10.08 percent to 4.15 as the top gainer. The fund index edged up today.

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