CHINA / Chinadaily.com.cn Exclusive |
China stocks climb higherBy Dong Zhixin (chinadaily.com.cn)Updated: 2007-04-24 17:37 China's main stock index ended a volatile session Tuesday, hitting a fresh high, as turnover reached a record.
The turnover in Shanghai reached 205.4 billion yuan, breaking the record of 189.5 billion yuan set last Thursday. The rise in the Shanghai index and turnover showed that more than enough capital is available to enter the market, heralding the potential for further increases, analysts were quoted as saying by hexun.com, a major financial website. However, they warned the investors more volatility could be ahead, as an interest rate hike and the launch of the stock index futures are not yet realized.
Steel stocks showed a strong performance, with Wuhan Iron and Steel Corporation soaring 9.45 percent to close at 11.70 yuan per share. Baosteel Co. Ltd rose 2.04 percent to 11.53 yuan. Electricity stocks were also active. Huaneng Power International increased 4.30 percent to 14.06 yuan and Harbin Shirble Electricity-Heat Co. met the daily limit of 10 percent to 42.78 yuan. However, financials were weak, dragging the market down. The Industrial Bank fell 2.48 percent to 31.68 yuan, while the Industrial and Commercial Bank of China dipped 0.74 percent to 5.39 yuan. China Merchant Bank lost 1.96 percent to 19.55 yuan and Bank of China declined 1.06 percent to 5.59 yuan. The country's biggest insurer, China Life, was an exception today, as it gained 1.98 percent to 37.62, compared with its rival Ping An Insurance, whose stock fell 2.04 percent to 55.82 yuan. |
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