Stocks edge up amid tightening prospects
Updated: 2007-07-18 16:22
Chinese stocks continued climbing today, despite expected tightening measures by the country to keep the economy from "overheating". The Shanghai Composite Index ended at 3,930.06, up 33.87 points or 0.87 percent from yesterday's closing.
Total turnover of stocks on the major indices was 120.6 billion yuan, the second biggest this month, but still lower than the average of last month.
Shanghai Composite Index
Source: www.sina.com.cn
After opening lower from 3,880.85, the benchmark index slid to the bottom of 3,861.91 but then turned around to form a clear upward trend. The hike continued until the index hit the highest 3,971.61 in the middle of the afternoon session and then headed down to the close.
Of the A shares listed in Shanghai, 389 went up, while 379 dropped and 72 ended flat. China Southern Airlines rose 10.06 percent to 9.85 yuan as the top gainer, followed by Jiangsu Santy and Zhongyan Textile, which were also sealed at the maximum growth cap of 10 percent. Anhui Chaodong Cement, however, lost 44 percent to lead the day's losers.
China Unicom took back the top place on the big trader's list with the largest trading volume and added up 0.18 yuan to its share price. China Minsheng Banking Corp, with the largest transaction value, climbed 1.2 percent.
Shenzhen Component Index
Source: www.sina.com.cn
The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, opened lower from 12,750.13 but closed at 12,841.51, up 81.53 points or 0.64 percent. It went through the day within a range of 12,642.05 to 13,105.57.
Of its A shares, 253 were up, 283 down, and 79 unchanged. Jiangsu Sanyou Group ranked on top of the surging shares with a 10 percent rise while Sundiro Holding lost another 9 percent as the biggest loser for the second day today. China Vanke, the largest trader, hiked 3.8 percent to drive the index up.
Stocks in the real estate, finance, and timber industries performed best. Lander Real Estate hiked 10 percent to pioneer the surge by real estate developers. All banks, led by Shenzhen Development Bank, went up today.
B shares ended mixed. Of the 109 listed B shares, 52 went up and 10 ended flat. Closed-end mutual funds listed on the exchanges were strong, with both the indices down over 1.7 percent.
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