Stocks News
- Chinese shares sharply higher in morning session
Date: 21-Aug-2007 Sources: (Xinhua Online)
BEIJING, Aug. 20 (Xinhua) -- Chinese share prices surged 4.5 percent in Monday morning trade session as global markets continued to recover from last week's tumble.
The benchmark Shanghai Component Index, which covers A and B shares listed on the Shanghai Stock Exchange, rose 209.49 points or 4.5 percent to finish at 4866.07 points, after opening 117.26 points higher at 4773.83 points.
The Shenzhen Composite Index on the smaller stock market, which opened 389.84 points higher at 16,078.84 points, climbed 744.88 points or 4.75 percent to close at 16,433.88 points.
It was the rebounding share prices on the global markets that pushed up Chinese shares, said analysts with GF Huafu Securities.
Stock markets in the Asia-Pacific region put in strong performances in the morning session, with Hong Kong's Hang Seng Index opening 3.7 percent higher and share prices in Japan and Taiwan both opening more than 3.8 percent higher.
U.S. and European shares rebounded last Friday after the U.S. central bank moved to ease the recent credit fears by cutting the lending rate it charges commercial banks.
Heavyweight shares rose sharply, with the Industrial and Commercial Bank of China, the country's biggest lender, up 7.74 percent to 6.96 yuan.
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