Chinese stocks rocket 5.33% amid Asian resurgence
Updated: 2007-08-20 16:29
Chinese stocks rocketed 5.33 percent amid a full-range comeback in Asian stock markets today. The comparative growth rate was the largest single-day surge since May 30.
Instead of a few heavyweights lifting the whole market up as in recent cases, today both index-drivers and smaller-cap shares surged in waves, as 1,312 of the total 1,476 A shares surged in waves to higher price levels.
Total turnover of the stocks enclosed by the major indices was 219.8 billion yuan, higher than that of last Friday.
Shanghai Composite Index
Source: www.sina.com.cn
The Shanghai Composite Index opened at 4,773.83, 117 points higher than the previous close and marched steadily all the way to a high of 4,906.00, except at a drawback point of 4,758.40 soon after the opening. Finally, it closed at 4,904.85, up 248.28 points, a new record-high close.
Of the A shares listed in Shanghai, as many as 765 went up, while only 14 dropped and 63 finished flat. Guizhou Wire Rope rose 10.04 percent to 10.41 yuan, leading another 22 stocks surging with the maximum growth cap of 10 percent on the top. Shandong Hiking International, a special treatment stock, slumped 4.94 percent on the bottom.
The Industrial and Commercial Bank of China, the largest trader both in terms of trading volume and transaction value, surged 9.75 percent to 7.09 yuan, driving the index higher to 4,900-points.
Shenzhen Component Index
Source: www.sina.com.cn
The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, opened higher at 16,078.84 and closed at the daily high of 16,589.80, up 900.8 points or 5.74 percent. It almost broke the previous record of 16,680.38, from August 8. The index hit its low of 16,078.84 in the morning but afterward seemed unstoppable.
Of the A shares, 546 closed up, 15 fell, and 73 finished unchanged. Twenty stocks, led by Shandong Luneng Taishan Cable, with the largest trading volume, ranked on top of the table with the maximum growth rate of 10 percent. Zhejiang Baoxiniao Garment, however, slipped over 5 percent as the biggest loser today. China Vanke, with the largest transaction value, rose 7.2 percent to 33.07 yuan.
Stocks in the mining, finance, and real estate industries were the best performers. All the mining and financial shares were up today. Most of the B shares and closed-end mutual shares also enjoyed big gains.
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