Stocks News
- Chinese share prices close 0.97% higher
Date: 11-Oct-2007 Sources: (Xinhua Online)
BEIJING, Oct. 10 (Xinhua) -- Chinese share prices continued to rise for the third straight day on Wednesday after the weeklong National Day holiday on the back of strong investor confidence, especially from institutional investors.
The benchmark Shanghai Composite Index ended the day up 0.97 percent, or 55.57 points higher at 5,771.46 points on Wednesday.
The index passed 5,800 points in the morning session and touched a record intra-day high of 5860.86 points in the afternoon with strong support from heavyweight shares in the banking, energy and real estate sectors.
Institutional investors have become a major force in China's securities markets, holding 44 percent of the total capitalization of A share markets in September.
The market has seen more capital concentrated in blue-chips companies, as institutional investors are confident of the long-term performance of these companies.
China Shenhua, the country's largest coal producer, rose to the daily limit of 10 percent to close at 76.23 yuan following its strong debut a day earlier.
The energy sector was active against the backdrop of Shenhua's debut in Shanghai. China Aluminum Corporation, the largest producer of primary aluminum in China, also rose to the ceiling 10percent to 53.02 yuan. Sinopec shares rose 0.66 percent to 19.77 yuan.
Meanwhile, the Industrial and Commercial Bank of China recorded a 4.12-percent rise and the Bank of China rose 3.53 percent. China Merchants Bank was up by 0.52 percent to 40.47 yuan per share.
The Shenzhen Component Index on the smaller market, however, fell 54.13 points, or 0.28 percent, to 19,264.04 points.
The combined turnover of the two bourses grew to 245.7 billion yuan (32.7 billion U.S. dollars), compared with 235.2 billion yuan(31.3 billion U.S. dollars) on the previous trading day.
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