Investors chat at a brokerage firm in Jinan, East China's Shandong Province April 17, 2007. [newsphoto]

China's main stock index rose slightly Wednesday as a record number of investors dove into the equity market.

The benchmark Shanghai Composite Index gained 0.01 per cent to 3,612.40. It's a 35 per cent increase so far this year, after surging 130 per cent in 2006.

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Electricity shares showed the strongest performance, with 12 stocks jumping the daily limit of 10 per cent.

But blue chips continued a downward trend as investment funds managers reduced their holdings amid worries about market overvaluation.

China Life, the country's biggest life insurer, lost 3.48 per cent to close at 36.58 yuan per share, while its rival Ping An Insurance slid 2.25 per cent to 53.91 yuan.

China Petroleum and Chemical Corporation (Sinopec), Asia's largest refiner, dipped 1.98 per cent to 11.4 yuan. China United Telecom was also down 1.41 percent to 5.59 yuan.

However, the Shanghai Composite Index managed to remain in the positive territory, fueled by the bullish sentiment of investors who were eager to open accounts at securities firms.

A record high of 252,993 A-share accounts were opened Monday, followed by 244,228 accounts on Tuesday, according to statistics from the China Securities Depository and Clearing Corporation Limited.

Tuesday also represented the fifth session in a row that saw the opening of more than 200,000 accounts.

Nearly 67,000 investment fund accounts were opened on Monday, and 58,000 more on Tuesday.

By 3pm Tuesday, the number of accounts in the Shanghai and Shenzhen stock exchanges topped 89.86 million, according to statistics. (US$1= 7.72 yuan)