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Financial sector props up Chinese shares to record high
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21:12, August 09, 2007

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Chinese shares held on to the fifth day of its record-breaking performance, as financial sector continued to lead the rise.

The benchmark Shanghai Composite index, which covers A and B shares listed on the Shanghai Stock Exchange, touched a fresh intraday high of 4,768.89 points in the afternoon and closed 1.95 percent up at 4754.10 points.

The component index of the smaller Shenzhen Stock Exchange surged 484.76 points or 2.99 percent to 16,678.48 points.

The market value of the two bourses in Shanghai and Shenzhen for the first time exceeds last year's gross domestic product (GDP) value, 20.94 billion yuan (2.72 billion U.S. dollars), to reach 21 trillion yuan (2.86 trillion U.S. dollars) on Thursday.

Big blue chip stocks in financial sector continued to gain the investors' favor, which has kept leading the market growth, dealers said.

The Industrial and Commercial Bank of China, the country's biggest bank, continued to rise after its yesterday's strong performance, gaining 2.67 percent to 6.54 yuan.

Insurance shares also performed well, with Ping An of China soaring 7.41 percent, and Citic Securities rising by 6.86 percent, together pushing the benchmark index up 17 points.

Henan Zhongfu Industry said in its half-year report Thursday that earnings per share hit 1.263 yuan, boosting investors' sentiment and led to a rebound of the nonferrous metal sector.

Sufa Technology Industry rose to the daily 10 percent limit inspired by its juicy corporate profit with a nearly 24-fold increase in earnings per share, as showed in its half-year reports released on Thursday. Aerospace Hi-tech Holding Group, another military engineering enterprise, also rose by the daily 10 percent limit.

There were 542 gainers and 325 losers on the Shanghai stock exchange and 392 gainers and 218 losers on the Shenzhen bourse.

Combined turnover of the two bourses diminished to 211 billion yuan (27.7 billion U.S. dollars), from 241.99 billion yuan for the previous day.

Source: Xinhua



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