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��Home>>Business
Stocks make a comeback
www.chinanews.cn 2007-03-08 10:43:11
(Source: China Daily)
Mar.8 – Led by financial stocks, the Chinese stock market rebounded for
the second consecutive day after last Tuesday’s big sell-off threw the
market into a week of listless fluctuations.
The apparent recovery seemed to follow the lead of the New York stock
market, which posted the biggest gains since July after US Treasury
Secretary Henry Paulson eased concerns that rising mortgage defaults
would undermine the economy.
The Shanghai Composite Index, the most widely followed indicator of the
Chinese stock market, rose 2 percent yesterday to close at 2,896.6
points, with 810 stocks out of 909 closing higher. The smaller Shenzhen
Component Index climbed 2.7 percent to close at 8,140 points. Turnover on
the Shanghai Stock Exchange amounted to 73.8 billion yuan.
Analysts said the market is poised to recover slowly from the shock of
last Tuesday, when the index plunged nearly 9 percent the biggest decline
in the past decade. Investors seem to have regained composure and
returned to market fundamentals, analysts said.
The recovery was aided by the rise of the global stock market and lack of
bad news for the market from the NPC and CPPCC sessions.
“All of the financial companies performed well in 2006, including
Shenzhen Development Bank, whose profit increased more than 300 percent,”
said Zhang Yidong, an analyst at Industrial Securities.
The share prices of companies in the financial sector increased the most
in yesterday’s trading. CITIC Securities, which posted more than 450
percent growth in net profit for 2006, surged 8.3 percent to close at
39.9 yuan. Ping An, which debuted on the Shanghai Stock Exchange last
Thursday, rose 2.7 percent to close at 46.5 yuan.
Currently, the market value of stocks in the financial sector, including
banks, insurance companies and security companies, account for more than
40 percent of the total market value.
“The volatility of financial stocks will influence the whole stock
market’s performance,” Zhang said.
Companies in the transportation sector also performed well. Daqin Railway
jumped 7.6 percent to close at 11.9 yuan. Tianjin Taida rose 7.3 percent
to close at 14.6 yuan.
“The stock market will continue to rise in the long term,” Zhang said.
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