China stocks surge to all-time high
(chinadaily.com.cn/Reuters)Updated: 2007-01-22 14:49
Some analysts saw this as a gentle, veiled warning that authorities were concerned about excessive speculation in the market and the possibility of it overheating. But few investors were in the mood to pay heed.
Merchants Bank rose 6.37 percent to 17.53 yuan. It gained 4.97 percent on Friday after it estimated net profit in 2006 rose over 50 percent.
China Life Insurance rose 5.14 percent to 46.86 yuan after ending 2.53 percent up on Friday. The stock, which listed on Jan. 9, will be included in market indexes from Tuesday.
Property stocks remained sluggish though the heavy selling of last week, triggered by authorities' announcement that they would enforce a land appreciation tax, had ended.
Poly Real Estate Group Co. slipped 1.78 percent to 47.98 yuan after losing 2.66 percent on Friday, while China Vanke , the largest listed property developer, rose 0.64 percent to 17.30 yuan. In the technology sector, which was strong last week as large-caps were hit by profit-taking, Founder Technology Group Co. surged 9.98 percent to 5.84 yuan.
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