By Ding Qi (chinadaily.com.cn)
Updated: 2007-07-31 17:46

Major Chinese stocks absorbed the impact of the overnight reserve ratio hike decision with a slight correction in the morning and obtained another new high on Tuesday. However, although the market has performed strongly recently, securities insiders warn it's wise to keep negative factors in mind.

Affected by the central bank's decision, the benchmark Shanghai Composite Index opened at 4432.27 points, eight points lower than Monday's close. After diving to the day's lowest of 4379 points around 10:30, the index rebounded quickly to the red and another new high of 4476 points in the afternoon session. It ended the month's trading with an unprecedented close of 4471.03 points, up 0.68 percent and challenging the higher 4500-point level. Total turnover of the market was 152.1 billion yuan, slightly lower than that of the previous trading day.

The Shenzhen Component Index, which covers the smaller mainland stock market, inched up 0.92 percent and closed at 15199.56 points. The market saw 84.6 billion yuan of stocks traded on the day.

                        Shanghai Composite Index

    Shenzhen Component Index

Stock performance was mixed, with 795 stocks up, 530 down and 134 flat. Almost 50 stocks reached the upward limit. Sectors of nonferrous metals, cement, and wine making were among the top gainers.

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