Chinese language - Stocks bounce back after plunging deep

BIZCHINA / Biz Media Digest

Stocks bounce back after plunging deep

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-06-05 15:38

Chinese stocks bounced back and finished higher today after diving by
another 200 points in the morning session. The Shanghai Composite Index
closed at 3,767.10, up 96.7 points or 2.63 percent from yesterday's
closing.

Total turnover of the stocks enclosed by the major stock indices was
272.7 billion yuan, larger than that of yesterday.

Opening lower from 3,564.43, the benchmark index had a sharp rise right
after the opening, but soon slid to the lowest 3,404.15 at around 11:10.
Then it reversed the trend and climbed in waves to finish near the daily
highest of 3,768.56.

Shanghai Composite Index

At the Shanghai bourse, 423 stocks saw their prices rise, 359 fell and 57
ended flat. Jilin Forest Industry rose 10.05 percent to 10.07 yuan as the
biggest gainer. Tangshan Sanyou Chemical Industries and Zhejiang Feida
Environmental Science and Technology were also sealed at the maximum cap
of 10 percent. Zhejiang King Refrigeration Industry, however, was the
biggest loser today with a 10.04 percent drop.

The Shenzhen Component Index, tracking the smaller Shenzhen Stock
Exchange, had a similar mapping with the Shanghai index. It opened lower
from 10,933.22, but closed on the peak of the daily movement at
12,017.71, up 549.25 points or 4.97 percent, after hitting a bottom at
10,652.19 in the morning.

Shenzhen Component Index

Of its A shares, 288 went up, 254 down and 69 unchanged. Of the gainers,
White Dove (Group) and Zhongshan Vantage Gas Appliance led the surge
while Centennial Brilliance Science and Technology fell most.

Heavyweights ranking on top in terms of trading volume and transaction
value in the exchanges contributed most to the turnaround of the stocks.
China Unicom rose 1.86 percent, with Sinopec seeing a 6.15 percent rise
and China Vanke gaining nearly 10 percent.

Stocks in the mining, real estate and non-ferrous metals industries led
the rising trend. Datong Coal Industry had 10.01 percent hike to 22.75
yuan on the sector ranking list. Financial shares also performed well
today.

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