Stocks News
- Chinese share prices rebound slightly
Date: 8-Nov-2007 Sources: (Xinhua Online)
BEIJING, Nov. 7 (Xinhua) -- The Shanghai stock exchange arrested a four-day slide Wednesday as the main index gained 1.18 percent on bargain-hunting, with banking shares leading the way.
The benchmark Shanghai Composite Index closed at 5,601.78 points, up 1.18 percent, or 65.21 points.
The Shenzhen Component Index on the smaller bourse in Shenzhen ended at 18,232.96 points, up 0.62 percent, or 112.39 points.
The combined daily transaction volume on the two exchanges continued to decline, down to 112.58 billion yuan (15.1 billion U.S. dollars) from the 118.44 billion yuan on the previous trading day.
According to market observers, the smaller turnover indicated that most investors were still cautious after suffering continuous losses over the last four trading days and were adopting a wait-and-see attitude.
Among the bluechips in the banking sector, the Industrial and Commercial Bank of China went up 4.78 percent to 8.55 yuan, the Bank of China, up 3.8 percent to 7.37 yuan, and China Construction Bank up 3.01 percent to 10.95 percent.
Of the other heavyweights, PetroChina, the nation's biggest oil producer which launched a high-profile trading debut in Shanghai Monday, rose 1.1 percent to 40.43 yuan, and Sinopec, the nation's largest oil refiner, up 2.24 percent to 24.21 yuan.
There were 313 gains and 454 losses on the Shanghai bourse and only 22 gains against 359 losses on the Shenzhen exchange.
The Hushen 300 Index, which tracks one fifth of the total stocks on both Shanghai and Shenzhen bourses, closed at 5,350.63 Wednesday, up 0.62 percent, or 33.08 points, from the previous closing.
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