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Shanghai index sets record, 05/08

By Jin Jing (China Daily)
Updated: 2007-05-09 09:08

The soaring stock market pushed the Shanghai Composite Index to a new record on May 8 as trading resumed after the labor-day break.

The benchmark indicator surged 108.7 points, or 2.8 percent, to close at 3,950, with 795 out of 907 stocks closing above their opening price. Turnover on the Shanghai exchange reached 205.2 billion yuan, the largest amount ever.

The indicator has increased 47.6 percent this year pushed by the large inflow of funds, analysts said.

The surge yesterday was partially influenced by strong performances of other world markets and company profit growth in the first quarter of this year, according to analysts.

Investors play Chinese chess at a stock trading hall in Changchun, Jilin Province. The Shanghai Composite Index surged 108.7 points yesterday to close at 3,950.

"People are investing with enthusiasm," said Chen Wenzhao, an analyst at Changjiang Securities. "China's fine economic environment has also contributed to the strong performance of listed companies."

Real estate companies received a boost in trading yesterday. Vanke surged to its daily allowable limits to close at 19.89 yuan. Shares of COFCO Property Group increased 10 percent to close at 24 yuan, while Shanghai Lujiazui jumped 9 percent.

Companies in the coal, oil refinery and transportation sectors all did well yesterday.

The interest rate adjustment and bank reserve ratio hike appear to have had little effect on investors, analysts said. Attention is now focused on government administrative measures that are expected to be introduced to cool what is seen as an overheated market.

"We expect the government to use administrative measures to influence the A share market over the coming months," said Jonathan Anderson, chief economist of UBS Asia.

However, Zhang Yidong at Industrial Securities disagreed. "The rising frequency of the interest rate hike will finally have an impact on the stock market, and China is unwilling to adopt an administrative measure to intervene in free market reallocation," he said.

Central bank Governor Zhou Xiaochuan said that the bubble in the stock market was a concern and that he was monitoring CPI, PPI and asset prices.

"The stock market will possibly have large fluctuation beginning from the middle of May because of the expectation of the government's tightening policy," Zhang said.