| ¡¡ Optimism over China-EU talks on China's accession to the World Trade
Organization (WTO) buoyed share prices of Shanghai and Shenzhen stock exchanges yesterday.
Shanghai's benchmark composite index soared 33.139 points to finish at 1,758.537.
Transaction volume stood at 8.15 billion yuan (US$981.9 million), surging 47.9 per cent
from Wednesday.
Shenzhen's composite sub-index also gained 82.29 to close the day at 4439.39 points.
Transaction volume amounted to 8.36 billion yuan (US$1.01 billion), 2.30 billion yuan
(US$277.5 million) more than the previous day.
People were so upbeat about a positive result of China-EU WTO negotiations that there
was no impact on the markets from the bad news that index services Morgan Stanley Capital
International dropped 12 B-share companies from its series of benchmark indices yesterday,
said analysts with Homeway.com.
The move was no surprise as the B-share market had been in slump for years with very
few liquidity and quality firms and the market capitalization dropping, brokers said.
They said buying focused on companies seen likely to benefit from the latest talks with
the European Union on China's bid to join the WTO, which entered their fourth day
yesterday. Textile issues were among the best performers.
On the Shanghai B-share market, garment maker Matsuoka Co was the biggest gainer,
surging US$0.038, or 9.45 per cent, to US$0.440 on thin volume of 15,000 shares.
Textile machinery maker Erfangji Co was the most active issue, rising US$0.006 to
US$0.132 with a heavy 3.48 million shares changing hands.
On the Shenzhen B-share market, Shenzhen Textile Co was one of the top gainers, rising
HK$0.06, or 2.94 per cent, to HK$2.10 on volume of 129,401 shares.
The Shanghai B-share index ended up 1.19 per cent at 42.266 points as turnover rose
sharply to $3.08 million.
The Shenzhen B-index closed up 1.14 per cent at 88.16 points as turnover fell sharply
to HK$17.43 million.
The Dow Jones China 88 Index went up 3.26 points to finish at 179.14 yesterday. The Dow
Jones Shanghai Index increased 4.04 points to conclude at 221.86 and the Dow Jones
Shenzhen Index gained 4.87 points to close at 222.93 yesterday. |
