Market concludes the year with low-pitched finale
Updated: 2007-12-28 17:18
Although the year's last trading day failed to surprise investors as the major stock index closed 47 points lower, it concluded a year of wonder for China's capital market and left hopes high as 2008 approaches.
Affected by the drop of Asian markets in morning trade, the benchmark Shanghai Composite Index retreated to below 5,300 points after briefly touching the week's highest of 5,336.5 points in the morning session. It lost even more ground in the last half-hour as investors were reluctant to participate given no signs of an index recovery on the last trading day of the year. The index ended at 5,261.56 points, 0.89 percent lower than Thursday's close.
Shanghai Component Index
Source: sina.com.cn
The Shenzhen Component Index also lost 96 points and closed at 17,700.62 points. Combined turnover of the two markets reached 196.14 billion yuan , a bit lower than the previous day.
Of all the stocks traded today, 496 gained, but as many as 1,027 stocks closed even or lower. Drowsy performance of large cap blue chips served as the major reason behind the index's loss today, although some investors had hoped fund managers could raise them a little for a prettier year result.
Industrial and Commercial Bank of China drop 0.08 yuan to 8.13 yuan. Heavy-weighed PetroChina lost 1.37 percent and close the year's trading at 30.96 yuan, still 17.64 yuan lower than its spectacular November 5 opening of 48.60 yuan.
In contrast, Quan Jude Group, a famous catering firm, snatched the fifth limit up in the past six trading days and closed at 59.03 yuan despite the company denied any significant plans that could greatly influence its stock price in an announcement to the bourse.
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