Stocks News
- Chinese shares surge 4.58 pct on Friday
Date: 9-Jul-2007 Sources: (Xinhua Online)
BEIJING, July 6 (Xinhua) -- Led by heavyweight bank shares, Chinese share prices recovered ground on Friday, surging 4.58 percent.
The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, rose 4.58 percent, or 165.48 points, to close at 3,781.35 points.
On Thursday, the index plummeted 5.25 percent with investors wary of the Chinese government's determination to mop up excess liquidity.
Bank shares led the way in the recovery. The Industrial and Commercial Bank rose 3.61 percent to end the day at 5.1 yuan and the Bank of China climbed 2.67 percent to 4.99 yuan. The Bank of Communications recorded a 3.35 percent rise to close at 10.8 yuan while CITIC Bank closed at 8.87 yuan, up 4.23 percent.
A senior financial analyst predicted that Chinese commercial banks will see profits rise more than 30 percent in 2007.
The Shenzhen Component Index on the nation's smaller bourse climbed 5.19 percent, or 611.77 points, to end at 12,395.35 points.
The combined turnover on the two bourses expanded to a high of 145.7 billion yuan (19.2 billion U.S. dollars) with investors anticipating a further rebound.
The Hushen 300 Index, which tracks 300 companies on the Shanghai and Shenzhen stock exchanges, closed at 3,710.28 points, up 172.84 points, or 4.89 percent, from the previous day's trading.
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