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Saturday, May 26, 2001, updated at 10:11(GMT+8) | ||||||||||||||
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Weekly Review: China's A-share MarketsChina's two A-share markets in Shanghai and Shenzhen were mixed most of this week on Monday ��Tuesday and Thursday and Friday.Both A-share bourses declined on Wednesday. The Shanghai composite index created another new high at 2210.86 on Monday morning �� according to Homeway�� a leading financial and securities advisory company in China. Shanghai Composite Index edged down to close at 2193.58 points on Friday�� 9.79 points less than last Friday's close at 2203.37 points�� and the weekly turnover for A shares shrank to 66.41 billion yuan ��US$8.02 billion ���� compared with the last week's total at approximately 73.81 billion yuan��US$8.9 billion��. Shenzhen Composite Sub-index ended at 4831.99 points on Friday��33.74 points less than last Friday's close at 4865.73 points. The A-share weekly trading value increased to 44.01 billion yuan ��US$5. 32 billion���� compared with the last week's total at approximately 42.37 billion yuan (US$5.12 billion). There was one company debuting on the Shanghai Stock Exchange on Thursday. Sichuan Guodong Construction Co.�� Ltd. ��600321.SS ��debuted its 70 million A shares on the Shanghai bourse on Thursday morning. The company �� which manufactures glass products�� and glass- related machines and equipment�� issued 70 million A shares at the issuing price of 12.28 yuan on March 16 2001. After the issuance��its capital stock totals 175 million A shares �� and net asset per share is 5.63 yuan. At the market close on Thursday�� the company surged 110.02% to 25.79 yuan from its issuing price at 12.28 yuan. At Monday close �� Hubei Qianjiang Pharmaceutical Co. �� Ltd��600568.SS���� which soared last Friday�� slipped the most �� and Beijing Ufsoft Co. �� Ltd.��600588.SS ���� which also surged greatly last Friday�� was among the top five decliners on the Shanghai losers' list �� and also dragged down other software shares. Beijing Ufsoft was the top loser at Thursday close. Wednesday's A-share market declines may be mainly caused by three factors. First �� investors felt pressures from market expansions�� such as reduction of state-owned shares �� more new share issues and new share placement. Second �� investors felt concerned about the B- share market. Risks had come along with successive big rises on the B-share market�� indicating that B-share corrections will drag A shares down. The third factor was technical pressure. A-share markets may need technical corrections. The Shanghai composite index fell to 2181 points Friday afternoon and then edged up to lose a few points to end Friday's trade�� while the Shenzhen composite sub-index moved in a similar trend as its Shanghai counterpart �� but edged up to be in the positive territory at Friday close. Market outlook�� The A-share markets are likely to fluctuate and consolidate next Monday.
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