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Stocks lose another 2.39% with lowest turnover in June, 06/29

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-06-29 15:50

Special coverage: Markets Watch  Related readings:  China may issue $203.49b special T-bonds to buy forex  Lawmakers pass bill on interest tax slash  Stocks down another 1.71% pending voting results

Chinese stocks kept plunging deep today while awaiting for legislative approvals on a series of measures that may result in capital diverting to other investment channels from the stock market.

Total turnover of stocks enclosed by the two major indices was 163.5 billion yuan, the lowest since May 29.

The benchmark Shanghai Composite Index opened nearly 90 points lower from 3,824.29 and closed at 3,820.70, down 93.5 points or 2.39 percent. It went through the day mostly below yesterday's closing line, except hitting the highest point at 3,919.35 once in the afternoon. It almost lost another 100-point grade at 3,800 when it hit the lowest 3,779.81 in the morning, but bounced back afterwards.

Shanghai Composite Index
Source:www.sina.com.cn

Of the A shares listed on the Shanghai bourse, 106 went up, but 665 dropped and 78 ended unchanged. Shanghai Airlines grew 10.05 percent to 6.24 yuan as the top gainer, followed by Jiangsu Shuangliang Air-Conditioning Equipment with 10.01 percent rise. Inner Mongolia Mengdian Huaneng Thermal Power, however, dropped 10.06 percent to lead the other falling shares.

China Unicom, with the largest trading volume, added up 0.11 yuan to its share price while China Yangtze Power, with the largest transaction value, slipped 0.01 yuan by the closing.

The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, opened lower from 12,555.51 and closed at 12,546.45, 335.73 points or 2.61 percent lower than yesterday's closing. It went through the day within a range from 12,341.58 to 12,862.28, both lower than the previous closing level.

Shenzhen Component Index
Source:www.sina.com.cn

Of the A shares, 62 gained, 94 ended flat but 488 lost in prices. The new share Shenzhen Topband Electronics took up the top place in the gainer's list by rocketing 473 percent to 60 yuan on its first trading day. On the other side of the table, Shandong Shanda Wit Science and Technology fell to the bottom with a 10 percent slump.

Henan Shuanghui Investment and Development, resuming trading today, saw the largest trading volume and transaction value at the Shenzhen bourse, and rose 125 percent to 57.9 yuan.

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