Stocks bounce back after plunging deep, 06/05
By Li Zengxin (chinadaily.com.cn)Updated: 2007-06-05 15:38 Chinese stocks bounced back and finished higher today after diving by another 200 points in the morning session. The Shanghai Composite Index closed at 3,767.10, up 96.7 points or 2.63 percent from yesterday's closing.
Total turnover of the stocks enclosed by the major stock indices was 272.7 billion yuan, larger than that of yesterday.
Opening lower from 3,564.43, the benchmark index had a sharp rise right after the opening, but soon slid to the lowest 3,404.15 at around 11:10. Then it reversed the trend and climbed in waves to finish near the daily highest of 3,768.56.
Shanghai Composite Index
At the Shanghai bourse, 423 stocks saw their prices rise, 359 fell and 57 ended flat. Jilin Forest Industry rose 10.05 percent to 10.07 yuan as the biggest gainer. Tangshan Sanyou Chemical Industries and Zhejiang Feida Environmental Science and Technology were also sealed at the maximum cap of 10 percent. Zhejiang King Refrigeration Industry, however, was the biggest loser today with a 10.04 percent drop.
The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, had a similar mapping with the Shanghai index. It opened lower from 10,933.22, but closed on the peak of the daily movement at 12,017.71, up 549.25 points or 4.97 percent, after hitting a bottom at 10,652.19 in the morning.
Shenzhen Component Index
Of its A shares, 288 went up, 254 down and 69 unchanged. Of the gainers, White Dove (Group) and Zhongshan Vantage Gas Appliance led the surge while Centennial Brilliance Science and Technology fell most.
Heavyweights ranking on top in terms of trading volume and transaction value in the exchanges contributed most to the turnaround of the stocks. China Unicom rose 1.86 percent, with Sinopec seeing a 6.15 percent rise and China Vanke gaining nearly 10 percent.
Stocks in the mining, real estate and non-ferrous metals industries led the
rising trend. Datong Coal Industry had 10.01 percent hike to 22.75 yuan on the
sector ranking list. Financial shares also performed well today.
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