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Energy, bank shares lead Chinese stock market soaring
POSTED: 8:50 a.m. EDT, May 29,2007

Strengthening energy and bank stocks led Chinese shares soaring to an all-time high on Monday as the three major indices of the equity markets registered rises above two percent.

Combined turnover of the two bourses in Shanghai and Shenzhen hit almost 395 billion yuan (51.3 billion U.S. dollars), an increase of almost 17 percent against 337.74 billion yuan from the previous close.

The benchmark Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, closed at 4,272.11 points on Monday, up 92.33 points or 2.21 percent.

The smaller Shenzhen Component Index closed at 13,026.66 points, up 1345.21 points or 2.72 percent.

The Hushen 300 Index reflecting the combined movements of the Shanghai and Shenzhen stock exchanges breached the 4,000 points for the first time to close at 4072.58 points, up 87.33 points, or 2.19 percent.

The all-around rise of the equity markets was led by strong rally of heavyweights that saw the prices drop on Friday.

Sinopec reported a 5.4-percent rise to close at 13.07 yuan. Among those listed as the top ten shares with the biggest rises, three were from the power generation sector.

China Life posted a three-percent markup. Bank shares continued to recover from previous losses. The Industrial Bank of China rose 0.73 percent to close at 5.53 yuan and the Bank of China 0.69 percent to 5.84 yuan.

A total of 747 gainers were recorded at the Shanghai bourse and 500 at Shenzhen bourse with 60 rising to the daily limit of 10 percent.

The continuous inflow of investment was the major factor behind the upbeat performance of the stock market as individual investors were still confident, said Xu Wei, an analyst at Shanghai TX Investment Consulting Co. Ltd.

The USD-denominated B-shares in Shanghai and HKD-denominated B-shares in Shenzhen, mainly propelled by individual investors, continued to see the index rise 6.51 percent and 5.51 percent respectively, following a sharp rebound on Friday.

Analysts said investors should keep alert on abrupt policy changes that may lead to corrections in the market, although the government warning of risks in stock investment failed to dampen enthusiasm.

From:xinhua
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