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Stock index rockets to new high

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-05-28 16:24

Rises in share prices of Chinese stocks accelerated today amid a slew of good news. The Shanghai Composite Index rocketed more than 90 points to 4,272.11, up 2.21 percent, as a new record high closing.

Unlike previous growth with violent fluctuations, the benchmark index hiked with steady footsteps today. Opening 40 points higher from 4,221.58, it ran through the whole day above the previous closing level, with 4,215.24 as a bottom and 4,283.93 as a cap. After a few small setbacks, the index rose up to the new record on a stable upward trend. The total turnover on the two exchanges was 394.6 billion yuan, breaking previous records.

In the Shanghai market, prices of as many as 644 stocks went up, while 121 were down and 75 ended flat. Huadian Power International was the top gainer, rising 10.05 percent to 10.29 yuan. Sichuan Xichang Electric Power and Zhejiang Xinhu Venture Investment also saw their share prices sealed at the maximum cap. On the other side of the table, Hangxiao Steel Structure led the fall by a 6.77 percent drop.

China Unicom with the largest trading volume and Sinopec with the largest transaction value both rose, lifting the whole market up.

Also opening lower, the Shenzhen Component Index ended at 13,026.66, up 2.72 percent. It went through the day within a range between 12,830.00 and 13,125.35. Of its A shares, 426 closed up, 84 went down and 99 ended flat.

Wuzhong Instrument and Ningxia Orient Tantalum Industry were the top gainers, while Soyea Technology led the fall at the Shenzhen market. Haikou Agriculture, Industry and Trade (Luoniushan) had the largest trading volume while Jilin Aodong Medicine Industry (Group) saw the largest transaction value, both of which gained in prices today.

Stocks in the construction and finance industries led the growth. China Nonferrous Metal Industry Foreign Engineering and Construction surged 10.01 percent to 32.64 yuan, followed by Sichuan Road and Bridge as the biggest gainers among construction shares. Ping An and China Life rose 4.13 percent and 3 percent respectively, while Huaxia Bank ranked on top of rising bank shares.

B-shares had another day of good performances, with the Shanghai Composite B-share Index ending 6.51 percent up and the Shenzhen Component B-share Index up 5.51 percent. Of the 109 B-shares, only 13 went down today. SVA Electron was on top of the gainer list with a 10.05 percent hike.

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