Chinese share prices ended the first week of 2008 slightly higher, with the Shanghai Composite Index gaining 100 points, or 1.9 percent, from the end of 2007 to close at 5,361.57 points on Friday.
The Shanghai index rose in each of the new year's first trading days, and on Friday, it was up 41.71 points, or 0.78 percent, from Thursday.
The Shenzhen Component Index on the smaller market rose 211.11 points, or 1.17 percent, to 18,122.4 points.
The combined turnover on the two bourses eased to 224.48 billion yuan (30.8 billion U.S. dollars) from Thursday's 257.8 billion yuan, but was still higher than in most recent trading sessions.
Nonferrous metal, property and securities companies led the advance. Yunnan Copper, for example, ended a string of losses to rise by the 10 percent daily limit, finishing at 60.06 yuan per share.
"The nonferrous metal sector's gains were partly a result of soaring world gold and copper prices, while property companies gained from the recent appreciation of the Chinese currency," said an analyst with Galaxy Securities.
China Vanke, the largest listed real estate company in China, gained 0.75 yuan, or 2.63 percent, to close at 29.24 yuan per share.
Olympics-related stocks remained strong. Yanjing Beer, a beer company based in Beijing, rose 6.95 percent to 25.22 yuan per share.
According to Shanghai Wind Information Technology Co., Ltd., which is a financial information service, as of Jan. 3, China Quanjude had seen its share price swell by 527 percent since its initial public offering on Nov. 20. The shares were up 10 percent on Friday, the third such gain in a row, to close at 78.56 yuan.
Wind Information said that no institutional investors were ranked among the top five buyers involved with Quanjude's gains
Traders said that to date, 596 listed companies have released estimates of their calendar 2007 financial results, and 76 percent said that they expected to report higher profits. That positive outlook was helping stocks, traders said. Results are all likely to be released by April.
Also, local media reports said capital available for A-share trading amounted to 1.8 trillion yuan at the end of 2007, up nearly 200 percent from the 620 billion yuan at the year's beginning.
In Friday's trading, the Hushen 300 Index, which accounts for 60 percent of the nation's stock market value, was up 61.62 points, or 1.13 percent, to close at 5,483.65 points on the day.
Source:Xinhua
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