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Shanghai Stock Index Hits New Record of 2012 Points
Shanghai stock composite index closed at a record high of 2012.32 points on Wednesday, buoyed by a growing number of investors heartened by China's strong economic performance.
The revelation that foreign investors will be allowed to enter China money market soon, and opening of China's technology board, China's Nasdaq, by the end of this year or early next year by officials from China's Securities Regulatory Commission also added fume into the activated market.
The Shanghai stock index opened at 1999.442, up 2.865 points or 0.14 per cent against last close, zigzagging forward to a session high of 2012.32 points when trading stopped at 15:00 (GMT 7:00). The Shenzhen composite stock index ended at 4820.11.
Turnover at the Shanghai stock market hit 12.1 billion yuan (US$1.49 billion), as compared with 11.1 billion (US$1.34 billion) yuan Tuesday. Shenzhen's turnover was 11.8 billion yuan (US$1.43 billion).
Technology and Internet-concept shares, headed by Shanghai Beiling and Shanghai Meilin, surged ahead from the beginning of trading, at the heels of positive technology performance of the New York Stock Market.
Stock analysts still hold an optimistic attitude towards the later sessions, but they cautioned another one or two corrections might be needed before the market arrives at new heights.
As China is determined to bring its enterprises into competition with their foreign counterparts upon its entry into World Trade Organization, analysts predict more SOEs (state-owned enterprises) will be listed at its two stock markets.
They said more government ``policy support'' for the stock market will come.
Tu Guangshao, secretary-general of China's Securities Regulatory Commission (CSRC), made some pledges of the sort during the just-concluded annual conference of the Asia-Pacific Finance Association in Shanghai.
Tu said his commission, the stock watchdog, is considering allowing foreign companies to buy China domestic A shares. And, Sino-foreign joint ventures or solely-funded foreign ventures could also be permitted to raise funds at the China's two stock markets.
Tu also discussed the possibility of merging China's two stock markets, and erecting the second-board technology booth in Shenzhen or other cities by the end of this year at the earliest.
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