Stocks News
- Chinese shares rise to new high
Date: 4-Sep-2007 Sources: (Xinhua Online)
BEIJING, Sept. 3 (Xinhua) -- Chinese share prices closed 1.96 percent higher on Monday to a new record as the country's securities watchdog completed a three-year-long overhaul of dealers.
All the 104 securities dealers in operation are up to standard in risk control after the nationwide overhaul shut down 19 firms and suspended several others, according to the Chinese Securities Regulatory Commission.
The Shanghai Composite Index, which covers A and B shares traded on the Shanghai Stock Exchange, closed at 5321.06 points, 102.23 points or 1.96 percent, from the previous close.
It was the first time that the benchmark index broke through the 5,300-point mark.
The Shenzhen Component Index also surged to another new high, closing at 18,164.04 points, up 1.63 percent or 291.93 points.
Combined turnover of the two bourses expanded to 293.36 billion yuan (39.11 billion U.S. dollars), from 246.1 billion yuan on the previous trading day.
China's capital market had entered an important stage, with ample opportunities for further development, said Huang Xiangping, chairman of the Securities Association of China.
Meanwhile, Deng Tishun, analyst with Goldman Sachs, predicted that the Chinese stock market would become the world's second largest in 20 years in terms of market value.
The aviation sector led the market on Monday, following news that Singapore Airlines and Temasek Holdings agreed to buy a stake in China Eastern, one of the country's three largest carriers.
China Southern, China Eastern, Hainan Airlines and Shanghai Airlines all rose by the daily limit of 10 percent.
The steel sector also exhibited strong performance, with Xinjiang Bayi Iron and Steel Co. up 10 percent, Jinan Steel and Iron Group up 9.22 percent and Tang steel Group up 9.57 percent.
Most heavyweight shares continued to go up, with the Industrial and Commercial Bank of China up 1.02 percent, Bank of China up 1.16 percent and China Petroleum and Chemical Corp. up 2.16 percent.
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