CHINA / National
China share prices reach five-year high
(Xinhua)
Updated: 2006-11-06 20:28
BEIJING -- The share prices on China's Shanghai and Shenzhen stock
exchanges reached a five-year high on Monday, driven by steel and
metallurgical stocks.
A man looks at an electronic billboard showing the Hang Seng Index in
Hong Kong November 6, 2006. Hong Kong blue chips gained 1 percent to
their fourth straight record close on Monday, as investors chased
property shares and other laggards while China Mobile set fresh six-year
peaks. [Reuters]
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The benchmark Shanghai Composite Index, which covers both A- and
B-shares, rose 19.94 points, or 1.07 percent, to 1,886.31 points.
The Shenzhen Component Index closed at 4,785.37 points, up 94.94 points,
or 2.02 percent.
The two bourses recorded a total turnover of 42.8 billion yuan (5.42
billion U.S. dollars).
The rally was led by steel and metal lurgical stocks with the
Shanghai-based Bao Steel registering a 10-percent rise in its stock price.
"The market seems to be oblivious to the announcement of the central bank
last Friday to raise the deposit reserve ratio for commercial banks by
0.5 percent," said Wan Bing, an analyst with Guangfa Securities.
This is the third time the central bank has raised the deposit reserve
ratio since the beginning of the year in its bid to rein in overheating
investment.
The bullish market is also in defiance of the intensive flotation of new
stocks, including heavyweights like the Industrial and Commercial Bank of
China, the nation's biggest lender, said Wan.
"Such a crazy trend can not be sustained," he said, adding that investors
must remain prudent.
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