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BIZCHINA / Center
Stock market value tops last year's GDP
By Jin Jing (China Daily)
Updated: 2007-08-10 09:14
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Investors open accounts?in China Jianyin Investment Securities Ltd's
business hall in Suining,?Sichuan Province. China's stock market
capitalization topped the country's gross domestic product (GDP) for the
first time yesterday.?[newsphoto]
China's stock market capitalization topped the country's gross domestic
product (GDP) for the first time yesterday as the key stock index hit a
fresh high.
The benchmark Shanghai Composite Index rose 1.95 percent to close at
4754.09 points, the foreign-currency denominated B-share index climbed
1.45 percent to close at 320.41 and the Shenzhen Composite Index went up
1.51 percent to 1,348.87.
That made the overall value of the two bourses surpass the 21.087
trillion yuan ($2.77 trillion) in GDP last year, according to data from
China Securities Journal.
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In the Shanghai market, 534 out of 901 stocks closed higher with turnover
amounting to 138.09 billion yuan, a slide of 20 billion yuan from the day
before.
New daily A-share opening accounts were 154,316 yesterday, the tenth
consecutive day the figure has been over 100,000.
Analysts said investors were keen on large-cap blue chips amid
expectations of high corporate earnings. The stock market is expected to
remain volatile but maintain the upward trend, they said.
"Mutual funds are increasing their holdings of A-share stocks, mainly
large-cap blue-chip stocks, boosted by good corporate earnings," said
Ding Jian, an analyst at China Jianyin Investment Securities.
Industrial and Commercial Bank of China increased 2.67 percent to close
at 6.54 yuan per share, while China Merchants Bank gained 5.49 percent to
36.10 yuan.
Ping An Insurance of China moved closer to the 100-yuan mark after a 7.41
percent growth, closing at 94.45 yuan. Its rival China Life followed with
a 2.08 percent rise to 49 yuan.
In the property sector, China Vanke jumped 9.51 percent to 35.34 yuan.
Oil also contributed to the rise, with Sinopec increasing 1.81 percent to
15.15 yuan.
Steel shares were also strong, with Baosteel surging 7.03 percent to
16.28 yuan. Shares in Aluminium Corp of China reached 32.65 yuan after
rising 5.46 percent.
Shares across the Asia-Pacific region closed mostly higher after another
rally on Wall Street overnight eased concerns about the US credit market.
chinadaily.com.cn contributed to the story
(For more biz stories, please visit Industry Updates)
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