CHINA / Top News
Buying spree to continue on China's equity markets
(Xinhua)
Updated: 2007-05-16 20:58
Chinese shares rebounded on Wednesday after a slump on Tuesday, with
market sentiment buoyed by stocks favored by mutual funds.
Market observers believe the buying craze will continue in the next few
days with bargain hunters and speculators on the prowl.
Analysts with Shenyin Wanguo Securities said retail investors are playing
a bigger and bigger role on A-share markets. With an unending stream of
individual investors entering the markets, the major index is likely to
flirt with the 4,400-point barrier by the end of the month.
On Wednesday, all three major equity indices for China's two bourses
closed higher, with gainers an overwhelming majority.
However, combined turnover dropped slightly to 262 billion yuan (34
billion U.S. dollars).
The benchmark Shanghai Composite Index ended Wednesday's trading at
3,986.04 points, up 86.86 points, or 2.23 percent, from the previous
close on a daily transaction volume of 174.5 billion yuan (22.7 billion
U.S. dollars).
The key stock index, which covers both yuan-denominated A-shares and
foreign-currency-denominated B-shares, peaked at 3,987.41 points and
bottomed at 3,845.23 points.
The Component Index on the Shenzhen Stock Exchange rose 267.81 points, or
2.35 percent, to conclude the trading day at 11,682.35 points on turnover
of 87.7 billion yuan (11.4 billion U.S. dollars).
The Shanghai stock exchange recorded 756 gainers and 63 losers with 73
shares unchanged, while the Shenzhen bourse saw 476 gainers and 81 losers
with 108 shares unchanged.
Shares in favor with mutual funds chalked up the most eye-catching
performances, said analysts with Guangdong Kede.
Wuliangye, a leading liquor producer, rose 8.14 percent to 26.17 yuan,
Tianjin Port went up 9.99 percent to 21.25 yuan, and Gehua CATV Network,
up 8.52 percent to 24.07 yuan.
On Wednesday, the Hushen 300 Index, which tracks 300 companies on the
Shanghai and Shenzhen stock exchanges, closed at 3,700.29 points, up
95.65 points, or 2.65 percent, from the previous close.
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