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| Chinese Shares Inch Up Again |
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China's benchmark Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, inched up 0.57 percent on Friday, or 22.34 points to close at 3,913.14 points. The Shenzhen Component Index rose 1.22 percent, or 154.69 points, to close at 12,850.69 points. Chinese stock markets have clawed back much of the ground lost when they plunged 8.26 percent on Monday. From Tuesday to Friday, they went up 2.63 percent, 0.23 percent, 3.03 percent and 0.57 percent. The meltdown is believed to have been triggered by the government's decision to raise the stamp tax on securities trading from 0.1 percent to 0.3 percent. Banks and real estate shares fell while metal and pharmaceutical stocks attracted support today. Shanghai Pudong Development Bank dropped 3.5 percent to 31.60 yuan and Hua Xia Bank slipped 1.2 percent to 11.93 yuan. Among property firms, China Vanke's A shares slipped 2.4 percent to 18.55 yuan and Tianjin Reality Development (Group) fell 1.7 percent to 22.72 yuan. Shandong Gold-Mining rose by the maximum 10 percent daily trading limit to 65.99 yuan and Baotou Aluminum was also up by its limit to 24.90 yuan. Tsinghua Unisplendour Guhan Biology Pharmacy and Hubei Guangji Pharmaceutical were also both up 10 percent. The two bourses reported total turnover of 277.35 billion yuan on Friday, up from 271.65 billion yuan on Thursday. (Xinhua News Agency June 9, 2007) |
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