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Chinese share prices hit record high for third time in a week
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20:54, August 03, 2007

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China's share prices rose to a new high for the third time this week as the blue chips in the property and financial sectors led the way.

On Friday the benchmark Shanghai Composite Index soared 153.04 points, or 3.47 percent, to close at 4,560.77 points on a daily transaction volume of 175.9 billion yuan (23.2 billion U.S. dollars). The indicator moved between 4,438.96 and 4,562.69 points.

The Component Index on the Shenzhen Stock Exchange rose 617.50 points, or 3.97 percent, to conclude the trading at 16,179.64 points on a turnover of 95 billion yuan (12.5 billion U.S dollars).

The real estate sector was one of the driving forces. Vanke rose 7.06 percent to 33.8 yuan, Beijing Airport High-tech Park went up 10 percent to 16.83 yuan, and Reine Property up 9.98 percent to 18.63 yuan.

Of the financial shares, CITIC Securities and China Life were the most robust. The former went up 9.96 percent to 71.95 yuan and the latter up 6.88 percent to 50.98 yuan.

There were 531 gains and 304 losses on the Shanghai stock exchange and 389 gains and 202 losses on the Shenzhen bourse.

Investor confidence seems to have been restored since the two key indices dropped substantially on Wednesday in reaction to market falls in other parts of the Asia-Pacific region amid concerns over the possible fallout of the U.S. housing sector.

Analysts said the upbeat market sentiment was shored up largely by expectations for further strong corporate profits and for the continued rapid and stable growth of China's economy.

On Friday, the Hushen 300 index, which tracks 300 companies on the Shanghai and Shenzhen stock exchanges, closed at 4,598.38 points, up 162.19 points, or 3.66 percent, from the previous close.

Source: Xinhua

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