BIZCHINA / News |
Stock market rebounds on banking, communication sectors(Xinhua)Updated: 2007-01-30 10:06 Shanghai's stock markets rebounded on the yoyo affect after the release of a huge amount of capital that had been bound to subscriptions to China's Industrial Bank. The benchmark Shanghai Composite Index gained 2.18 percent to close at 2,945.26 points on Monday. The Shenzhen Component Index finished up 1.66 percent to 8,359.99 points. Turnover on the Shanghai and Shenzhen stock exchanges totaled 136.02 billion yuan (17.00 billion US dollars). Investors had forked out 1.16 trillion yuan to subscribe to the initial public offering of the Industrial Bank, dwarfing the previous height of 832.5 billion yuan set late December by China Life Insurance. Led by rebounding market heavyweights, 1,342 stocks on the two bourses rose, with more than 50 of them reaching the upper allowable limit of 10 percent for a trading day. Shares of the Industrial and Commercial Bank of China, China Life and Bank of China grew by 1.14 percent, 1.22 percent and 3.09 percent, respectively. Communication, finance, technology, machinery and nonferrous metal stocks all reported strong growth. China Unicom, the country's second largest telecom company, saw its share price jump 10 percent, the daily maximum. (For more biz stories, please visit Industry Updates)
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