After yesterday's quick shifts in corrections,
Chinese stocks formed a clear upward trend today. The Shanghai Composite Index
surged 114.49 points or 3.03 percent to 3,890.80 by the closing of the day.
Opening higher from 3,787.70, the index climbed up in
waves with a few setbacks, none of which was deep enough to reverse the trend.
The index hit the lowest point at 3,779.5 in a dive right after the opening. But
then turned around and started escalating. The hike accelerated in the last half
an hour, with the benchmark index hitting the highest point at 3891.40 just
before the closing. For the whole day, it was always running above yesterday's
Total turnover of the stocks enclosed by the major indices was 269.7 billion
yuan, larger than that of yesterday.
At the Shanghai bourse, as many as 754 stocks saw their prices rise, while
merely 45 fell and 49 ended flat. Shanghai Shenhua Holdings rose 10.07 percent
to 7.98 yuan as the top gainer. Xinjiang Friendship Group and Tianjin Quanye
Bazaar Group were also sealed at the maximum rising cap of 10 percent. Jiangsu
Sanfangxiang Industry, however, dropped 10.03 percent as the biggest loser.
China Unicom, with the largest trading volume, rose 0.07 yuan, and Sinopec,
with the largest transaction value surged 4 percent to 14.82 yuan.
The Shenzhen Component Index, tracking the smaller
Shenzhen Stock Exchange, closed at 12,696.01, up 357.82 points or 2.9 percent.
Finishing at the daily highest point, it had 12,357.56 soon after the opening as
the bottom level.
Of its A shares, 509 went up, 33 down and 69 unchanged. Northeast Electric
Development was on top of the gainer's list while Lanzhou Sanmao Industry fell
most. TCL and China Vanke, ranking on top in terms of trading volume and
transaction value respectively, both had modest growth in share prices.
Stocks in the media, construction and pharmaceutical industries performed
well. Beijing Gehua CATV Network climbed 3.08 percent to pioneer the
B shares were up. Of the 109 B shares listed on the two
exchanges, 71 rose and seven ended flat. Hainan Pearl River Holdings was again
sealed at the maximum cap of 10 percent to 4.57 yuan. Closed-end funds listed on
the exchanges were also strong.
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