Stocks News
- Chinese shares surge to new high on back of investor confidence
Date: 8-Oct-2007 Sources: (Xinhua Online)
China's benchmark Shanghai Composite Index closed at a new high of 5692.76 points on Monday, the first trading day after the week-long National Day holiday.
The bullish performance, a rise of 2.53 percent, or 140.45 points, from the previous close, came on the heels of the rises in neighboring markets that occurred during the National Day holiday from October 1 to 7.
The index started higher at 5,683.31 points and at one point hit a 5,724.36 points in the morning session.
The rises came on the back of strong investor sentiment with major heavyweight shares reporting increases close to the daily rise ceiling of 10 percent.
The Industrial and Commercial Bank, the top heavyweight share of China's stock market, rose ten percent to close at 7.27 yuan per share.
Many companies that have registered increases in the prices of their H shares during the past week also reported large gains with China COSCO Holdings Company Limited closing the day at 49.53 yuan per share after a 9.92-percent rise.
China Life, ranking second in terms of weight on the stock market, followed with a rise of 8.65 percent to close at 67.81 yuan per share.
The real estate sector also helped pushing the benchmark index higher with giants such as Vanke and Poly rising the daily limit of 10 percent.
The newly-listed China Oilfield Service Limited went up 2.51 percent to close the day at 40.9 yuan per share.
The Component Index on the smaller Shenzhen Stock Exchange continued to pick up on expanded turnover, closing the day at 19,232.35 points, up 367.8 points, or 1.95 percent from the previous close.
The combined turnover at the two bourses expanded to 239.4 billion yuan (31.92 U.S. dollars).
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