Stocks News
- Stocks rebound from fall to end mixed
Date: 16-Aug-2007 Sources: (Shenzhen Daily)
THE mainland's stock market once again showed its immunity to global financial turmoil yesterday, rebounding from a fall to close mixed as other Asian bourses tumbled.
The Shanghai Composite Index set an all-time high of 4,916.310 points in the first half-hour of trade, but then sank as much as 2.26 percent as a wave of profit-taking hit stocks.
The index rebounded in the afternoon, however, to close just 0.06 percent lower at 4,869.883 points as the real-estate sector and banks in particular performed well.
Losing Shanghai stocks outnumbered gainers by 547 to 335, while turnover in Shanghai A shares was a modest 130.0 billion yuan (US$17.2 billion) against Tuesday's 126.5 billion.
Traders said the market's pull-back during the day was mainly due to increased profit-taking as the index neared 5,000 points, which has been seen as major resistance. Yesterday's high brought the index's gains so far this year to 84 percent.
Some analysts also said that after largely ignoring the U.S. subprime mortgage crisis, some Chinese investors were starting to react to falls in foreign markets by taking money off the table, just in case the global credit squeeze did start to affect China.
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