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China shares open 2008 with hefty gains except for heavyweights |
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Written by Administrator
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Friday, 04 January 2008 |
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BEIJING, Jan. 2 (InfoChina) – Chinese shares gained further on Wednesday, the first trading day in 2008, following weeks of rebound in December, with the Shanghai and Shenzhen composite index adding 0.21 percent and 1.76 percent respectively, amid moderately heavier turnover.
Advancers led decliners by a ratio of some 8:1, while the weakest stocks were heavyweights including PetoChina, ICBC and Sinopec, which jointly have a weight of over 1/3 percent in the Shanghai composite index.
On Wednesday, PetroChina, ICBC and Sinopec A-shares lost 1.23 percent, 0.62 percent and 0.94 percent respectively.
Meanwhile, some 50 A-stocks rose by the daily limit-up of 10 percent, a big number having not been seen for several months. A similar situation used to happen to the Shanghai and Shenzhen markets in the first five months of 2007 when some 90 percent of the listed stocks buoyed continuously while the heavyweight ICBC, then having a weight of some 20 percent in the Shanghai composite index, hovered at a low level for almost half a year to prevent the index from running too fast. Is the circumstance happening again? This might be guessed by quite a few investors. (InfoChina) |
China Stock News