Stocks News
- Banking, steel push Chinese shares to new high
Date: 7-Sep-2007 Sources: (Xinhua Online)
BEIJING, Sept. 6 (Xinhua) -- Chinese share prices closed 1.56 percent higher Thursday to a new record on the strong performance of the banking and steel sectors.
The benchmark Shanghai Composite Index was up 82.94 points to close at 5,393.66 points on a turnover of 165.2 billion yuan (22.03 billion U.S. dollars).
The index, which covers both A and B shares listed on the Shanghai Stock Exchange, touched an intraday all-time high of 5,412.32 points in the afternoon despite great volatility during the day.
The component index of the Shenzhen Stock Exchange closed at 18,073.76 points, up 71.76 points, or 0.40 percent on a transaction volume of 85.2 billion yuan.
The steel sector recorded a big rise after Baosteel Group, China's biggest steel maker, said it agreed to set up a joint venture with Hebei-based Hansteel Group for a high-end steel project with annual capacity of 4.6 million tons.
Baosteel shares surged 2.35 percent and Hansteel shares rose 2.30 percent, while both Guangzhou Iron and Steel Group and Xinjiang Bayi Iron and Steel Co. saw their shares soaring by the daily limit of 10 percent.
The banking sector rebounded from recent weakness, becoming a main driving force. The Industrial and Commercial Bank of China was up 2.21 percent, Bank of China up 3.06 percent, Bank of Communications up 3.26 percent and China Minsheng Banking Corp. up 2.29 percent.
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