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Chinese share prices rebound after day of bargain hunting
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20:19, August 02, 2007

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Chinese share prices on Thursday regained a large part of the ground they lost the previous day as bargain hunters sparked a new buying frenzy, with banking, real estate, tourism and hotel, coal and nonferrous metal sectors leading the upward trend.

The benchmark Shanghai Composite Index rose 107.17 points, or 2.49 percent, to close at 4,407.73 points on a daily transaction volume of 142.771 billion yuan (18.9 billion U.S. dollars). The key indicator moved between 4,290.81 and 4,431.85 points.

The Component Index on the Shenzhen Stock Exchange performed even more impressively. It soared 766.94 points, or 5.18 percent, to end the daily trading at a record 15,562.14 points on a daily turnover of 79.515 billion yuan (10.5 billion U.S. dollars).

Most banking stocks were among the most robust, with the Industrial and Commercial Bank of China up 0.90 percent to 5.58 yuan and the Bank of China up 0.38 percent to 5.31 yuan. The performance of smaller banks was stronger. Shenzhen Development Bank rose 7.68 percent to 37.7 yuan, Nanjing Bank went up 5.66 percent to 24.47 yuan and Industrial Bank, up 5.40 percent to 43.74 yuan.

There were 806 gains and 64 losses on the Shanghai stock exchange and 558 gainers and 38 losses on the Shenzhen bourse.

Market analysts believed investors' confidence was based on good interim corporate earnings.

The Hushen 300 index, which tracks 300 companies on the Shanghai and Shenzhen stock exchanges, closed at 4,436.19 points, up 145.71 points, or 3.40 percent, from the previous close.

Source: Xinhua

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