Panda rockets on bourse

Buoyed by the upcoming National Day celebrations, Panda Fireworks Group Co, the only listed fireworks maker on the mainland, has seen its shares rocket by the maximum daily permissible amount for five straight days.

The company's shares began to surge on July 30. They closed yesterday at 16.42 yuan, up about 40 percent since the beginning of the month.

The meteoric rise was not based on any favorable news released by the company. Industry analysts said the company was likely to win the bid for setting off fireworks during the National Day ceremony, which probably encouraged speculation by institutional investors.