China shares edge up, investors await direction
Posted on Jun-01-2008· by china investor
BEIJING, May 30 (Xinhua) — Share prices edged up on Friday in largely trendless trading, led by the financial sector and large-cap issues.
It was reported early in the day that the industry regulator, the China Securities Regulatory Commission, had emphasized that mutual funds, as major institutional investors, should stabilize the equity markets.
Although some analysts said the comment would help restore confidence, analysts at Jiangnan Securities said most investors would wait and see.
That attitude was reflected in the benchmark Shanghai Composite Index, which rose 31.92 points, or just 0.94 percent, to 3,433.35.The Shenzhen Component Index closed at 12,048.24, up 101.1 points, or 0.85 percent.
Combined turnover eased to 97.12 billion yuan (13.9 billion U.S. dollars) from 101.3 billion yuan.
The financial sector and heavyweights took the lead.
Guojin Securities rose by the 10-percent daily limit and Guosin Securities gained 4.71 percent to 34.24 yuan.
China Ping An, a leading life insurer, went up 4.43 percent to 56.3 yuan, and China Life, the nation’s largest life insurer, was up 4.21 percent to 30.21 yuan.
The Hushen 300 Index, which reflects about 60 percent of the market value in Shanghai and Shenzhen, end at 3,611.33, up 30.46 points, or 0.85 percent.
Gains outnumbered losses by 475 to 336 in Shanghai and by 386 to280 in Shenzhen.
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