Shares close at five-year high
By Zhang Ran (China Daily)
Updated: 2006-10-10 08:53 China's stock market closed at its highest level
in more than five years yesterday despite a decline in markets across the
Asia-Pacific region triggered by the Democratic People's Republic of Korea's
nuclear test.
China's A shares witnessed significant gains after trading resumed following
the week-long national holiday, continually buoyed by mounting expectations of a
rise in the value of the Chinese currency and falling international oil prices.
A stockholder watches the screen
on the wall in a security company in Nanjing, East China's Jiangsu
Province, October 9, 2006. [newsphoto] |
The
benchmark Shanghai composite index closed yesterday at 1,785.385 points, up 1.88
per cent from its close on September 29, its highest closing level since
September 25, 2001. Turnover in Shanghai A shares was at 28.4 billion yuan
(US$3.59 billion).
Banking shares enjoyed great popularity yesterday with China Minsheng Banking
Corp and Pudong Development Bank both jumping to the daily 10 per cent limit.
Minsheng bank closed at a record high of 5.93 yuan (75 US cents) after the
lender won the banking regulator's approval to issue an additional 3.5 billion A
shares through placement among institutional investors.
The Pudong Development Bank yesterday reached 11.68 yuan (US$1.48), its
highest level since late February, thanks to its sound performance over the past
nine months.
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