Large-cap stocks rebounded yesterday after a four-day decline,
pushing up the index by 1.18 percent.
The benchmark Shanghai Composite Index rose 65.21 points to
close at 5601.78. Gainers outnumbered losers 492 to 340. Turnover
on the Shanghai bourse amounted to 76.3 billion yuan - the lowest
since mid-July.
The Shenzhen Component Index climbed 0.62 percent, or 112.39
points, to close at 18232.96. The Hang Seng Index rose 0.92 percent
to close at 29708.93.
Analysts said large-cap stocks saw a technical rebound after
dropping for four days. "Strong corporate fundamentals also
supported the upswing of the large-caps," said Wu Feng, an analyst
at TX Investment Consulting Co Ltd.
The rising Hang Seng Index also lifted dual-listed stocks on the
mainland stock market yesterday.
The shrinking turnover showed that investors are cautious about
buying and selling stocks, unsure where the market is going after
the index slipped below the 6000-point barrier, analysts said.
Meanwhile, the number of new A-share accounts opened on Tuesday
shrank to 153,963, the lowest in two months, according to the China
Securities Depository and Clearing Corp Ltd.
Large-cap stocks led the rally yesterday. PetroChina jumped 1.1
percent to close at 40.43 yuan, after falling 17.7 percent from
Monday's opening price. Other oil companies, such as Sinopec,
increased 2.24 percent to close at 24.21 yuan.
Banks rose as bargain hunters began to increase low-priced stock
holdings. The Industrial and Commercial Bank of China surged 4.78
percent to close at 8.55 yuan, while Bank of China rose 3.8 percent
to close at 7.37 yuan. China Construction Bank jumped 3.01 percent
to close at 10.95 yuan.
Non-ferrous and coal stocks rose yesterday on the weakening US
dollar. Jiangxi Copper soared 5.64 percent to close at 58.82 yuan.
Baotou Aluminum jumped 3.24 percent to close at 55.81 yuan. China
Shenhua Energy increased 2.39 percent to close at 74.04 yuan.
(China Daily November 8, 2007)
