Blue chips bounce back, index up 2.18%
Updated: 2007-12-19 17:15
Heavyweight stocks reversed a downward trend today thanks to the de-freezing of 3.4 trillion yuan ($460.70 billion) of subscription funds and encouraging news from the State asset administrator.
PetroChina, weighting for over 20 percent in the benchmark Shanghai Composite Index, surged 1.2 percent to 29.59 yuan today after hitting a historical low yesterday. Others including China Unicom, Baosteel and CITIC Securities were all up to lift the index.
| Shanghai Composite Index Source: www.sina.com.cn |
 |
The Shanghai index opened higher from 4,878.07, maintained an upward path and closed at 4,941.78, 105.61 points or 2.18 percent higher. It went through the day above yesterday's closing line, within a range between 4,868.35 and 4,960.42. Of the A shares listed in Shanghai, 738 rose, 38 fell and 70 ended flat. SDIC Xinji Energy rocketed 136 percent on its debut to the secondary market.
Today's rebound by the large blue chips also presented a "birthday gift" to the Shanghai bourse, the larger market of China's two exchanges, which celebrates its 17th birthday today. With high-flying blue chips including China Life, PetroChina and China Shenhua, coming to list in the bourse, the Shanghai exchange has risen this year. Statistics show that the total capitalization of stocks listed in the bourse ranks sixth in the world and second in Asia.
|
|