Stocks robust on growing trade volume
Updated: 2007-12-27 17:32
Shanghai Composite Index
Source: sina.com.cn
As we approach the end of 2007, another remarkable year for the stock market, Chinese stocks continued escalating amid frequent fluctuations today. Total transaction value reached 224.6 billion yuan, the largest this month. And the Shanghai Composite Index moved up again to secure the 5,300-point foothold.
Real estate and construction shares bounced back after yesterday's sluggish performance and led today's growth, followed by those in the information technology sector on good news for the third generation (3G) technology. However, it was financial shares that contributed the most to the index rise.
The benchmark Shanghai index closed at 5,308.889, up 75.54 points or 1.44 percent from Wednesday's close. Opening higher at 5,248.22, it hit a low of 5,203.50 early in the morning but then turned around and kept up modest successions in the latter half. Finally, it closed just under the daily high at 5,316.52.
Of the A shares listed in Shanghai, 506 ended higher, 238 closed down and 102 saw little change. China Unicom, the most actively traded stock in terms of both trading volume and value, grew 8.23 percent to 12.29 yuan. Premier Wen Jiabao yesterday approved at a State Council conference a plan for the construction of a national 3G wireless mobile telecom network.
The Shenzhen Component Index opened higher at 17,500.78 and closed 369.45 points or 2.12 percent higher at 17,797.22. Charting a similar course to that of its Shanghai counterpart, it went through the session between 17,383.68 and 17,820.25. Of the A shares listed there, 366 ended up, 225 slid and 86 stayed flat. China Vanke, a leading housing developer and the heaviest stock listed in Shenzhen, jumped 5.7 percent to lift the index.
Almost all real estate shares rose and all financial institutions were up. China Merchants Bank grew 4.17 percent and China Life 2.59 percent, while Changjiang Securities rocketed three times higher and Shaanxi International Trust and Investment moved up 2.11 percent. Together the four led banks, insurers, securities houses and trust firms in the surge.
Blue-chip oil producers, however, lagged behind and kept the market from going any higher. PetroChina and China Oilfield Services both dropped slightly.
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