CRI Home - Photo- Forums - Talk China - Surf China - About China -  
  Webcast | CRI Today | China | World | Biz | SciTech | Sports | Life | Showbiz | Easy FM | Learn Chinese / English | Weather | Events
 
 
 
 
Shares Hit Fresh Two-month High
2005-8-10 9:19:23      Shenzhen Daily
China's shares rose 1.2 percent Tuesday, posting a two-month high for the second straight session, as funds piled into big caps such as top Asian oil refiner Sinopec Corp.

The benchmark Shanghai Composite Index closed at 1,152.534 points, its loftiest close since April 29 when it finished at 1,159.146. The market has now ended in positive territory for six of the past seven sessions.

Analysts expected the rally to last as funds, cheered by the yuan revaluation, built positions. But they foresaw sporadic losses as investors struggled with a potential deluge of shares because of a government program to convert nontraded government-owned stock into freely floated paper.

"The market had begun to turn bullish since the currency revaluation, but there should be corrections on the way up," said Zhuang Qianhua with Huatai Securities.

China revalued the domestic currency by 2.1 percent last month in a move seen as boosting corporate buying power and domestic consumption in the long run.

Sinopec, the most actively traded stock of the day, surged 3.7 percent to 4.50 yuan, extending a 2.4 percent gain Monday.

The benchmark index is still down nearly 9 percent so far this year, dragged down by an unpopular program to sell more than US$200 billion of untraded State holdings in listed firms.

The market had slid 15 percent last year to become the world's worst-performing major index, battered by economic cooling measures and a crackdown on corruption.


        Talk China        Print        Email        Recommend
 
Related Stories:

  Copyright of crienglish.com. All rights reserved.

Reproduction of text for non-commercial purposes is permitted provided that both the source and author are acknowledged and a notifying email is sent to us.
 
 

 
postalChina Post is progressing with its scheme to merge its two sub-businesses.
textilePeter Mandelson said he would hold talks with Bo Xilai this week.
YahooChinese e-commerce operator Alibaba.com is in the late stages of talks to sell a 35 percent stake to Yahoo Inc.
BOC IPO Could Take Place in 2005
China, Hong Kong, Japan, and Aussie Market Roundup 
CNOOC's Market Value Up By $7b
Producer Price Index Rises
Lenovo Profit Up 6% After IBM PC Buy
Power Supply Sees Robust Growth
HK Urges Manufacturers to Go "Green"
Major HK Banks's Interest Rate Hike
China Mobile First-Half Profit Rises