| Stock index closes at record high on last trading day |
| Saturday,December 30,2006 Posted: 07:04 BJT(2304 GMT) Xinhua |
BEIJING, Dec. 29 -- Powered by the blue-chip financial shares, the benchmark Shanghai Composite Index went up 4.2 percent to close at a new record of 2,675.47 points on Friday, the last trading day of 2006. The Shanghai stock index has risen by 130 percent over the year, ending a five-year bearish market in China. The Shenzhen Component Index closed at a record 6,647.14 points on Friday, up 3.28 percent over the previous close. The two exchanges have registered an aggregate turnover of 88.1 billion yuan (11.3 billion U.S. dollars), a significant increase over Thursday. Financial shares were the main driving force behind the hikes. Shares of the Bank of China rose 10 percent to close at 5.43 yuan. A six-percent increase was recorded in the shares of the Industrial and Commercial Bank of China. Other banks, like the Shanghai Pudong Development Bank and the China Merchants Bank, all saw share prices climb at around five percent. Steel shares have performed well on Friday. Angang Steel registered a 10-percent increase in share prices, followed by BayiSteel, Tangsteel, Baosteel, Jinan Steel, all above five percent. Some stocks in the aviation and machinery manufacturing sectors also saw significant growth on Friday. During the last trading week of 2006, the Shanghai stock index registered rapid growth, breaking the 2,400 and the 2,600 marks within five days. Stock analysts said the Shanghai index would continue to grow when trading began in the coming year, as the government continued to push forward reforms of the foreign exchange rate, taxation and stock market. But some believe the rapid growth has led to investment risks and an adjustment was possible in the stock market. Chen Siwei, a senior economist, warned that Chinese investors should be cautious with the bullish market. "There are still many deep-underlying problems in the Chinese stock market. We can't be too optimistic," he told a conference here on Friday. |
 | Shanghai stock index closes at record high 2007-01-10 08:04 |
| Shanghai stock index closes at record high 2006-12-28 07:34 |
| Shanghai stock index closes at 1,805.18 on Tuesday 2006-10-25 07:55 |
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