Stocks jump high, Shenzhen index breaks record
By Li Zengxin (chinadaily.com.cn)Updated: 2007-05-17 16:26 Mainland stocks saw another day of big jump today after yesterday's surge, moving out of the shade of the steep slump on Tuesday.
The Shanghai Composite Index opened higher and closed at 4,048.29, up 62.25 points or 1.56 percent from the previous closing.
The Shenzhen Component Index tracking the smaller Shenzhen Stock Exchange closed at record high of 12,011.08, up 2.81 percent. It went through the day within a bound between 11736.88 and 12041.63, both higher than yesterday's close. Of the A shares, 492 were up, 31 down and 87 flat.
At the Shanghai Stock Exchange, as many as 708 stocks went up, only 64 were down and 67 ended flat. Sichuan Chuantou Energy was the top gainer, with share prices rising 10.04 percent to 11.95 yuan. Xinjiang Korla Pear and Zhejiang Konba Pharmaceutical also saw their share prices sealed at the maximum cap while Sichuan Tianyi Science and Technology dropped 5.12 percent as the biggest loser.
China Unicom was traded in both the largest quantity and value, its share price rose for the second day to 6.30 yuan, up 2.27% percent.
Heavyweight financial shares, the Industrial and Commercial Bank of China, Bank of China and CITIC Securities were the largest contributor to the index rise, as the three ranked on top in terms of trading volume and transaction value, right behind China Unicom, and moved up to lift the whole market.
In the Shenzhen market, Guangxi Hechi Chemical and Wuzhong Instrument were top gainers, while Shenyang Huitian Thermo Power led the fall with a 3 percent dip. TCL and China Wanke ranked on top in terms of trading volume and value of transactions.
B shares were particularly strong. Of the total 109 firms listed on the two
exchanges with B shares, only three saw their prices descend, 10 ended flat, all
the others surged. The Shanghai Composite B-Share Index ended 8.04 percent up at
357.14.
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