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Chinese share prices rise sharply (2) |
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19:11, July 20, 2007 |
Wang Xiaoguang, an analyst at the Economic Research Institute with the National Development and Reform Commission, said the rise in CPI would prompt the government to unveil macro-economic control measures sooner and interest rate hikes became more likely.
The combined turnover of the two bourses expanded to 161.1 billion yuan (21.3 billion U.S. dollars), compared with 96.9 billion yuan on Thursday.
The optimistic interim earnings prospect of listed firms against the backdrop of booming economy helped the recovery of investor confidence, said Qiu Yanying, an analyst with Shanghai Tianxiang Investment Consulting.
Qiu said the share price surge came as the inflation was in expectation and the market has earlier digested the impact of potential macro-economic control measures.
The market advance was led by the banks and property developers, said analysts.
Shanghai Pudong Development Bank rose 9.87 percent to 41.07 yuan after it projected its first-half net income to rise more than 50 percent from a year ago.
Heavyweights the Industrial and Commercial Bank of China gained 3.13 percent to 5.60 yuan and the Bank of China added 2.92 percent to 5.29 yuan.
Fifteen property developers surged by the daily limit of ten percent. China Vanke, the country''s largest listed, led the surge as its share prices soared to 25.64 yuan.
The A share index on the Shanghai Stock Exchange climbed 3.73 percent to 4,258.09 points and the B share index added 3.91 percent to 286.57 points.
The A share index on the Shenzhen Stock Exchange rose 4.9 percent to 14,139.44 points and the B share index jumped 3.86 percent to 5,949.62 points.
Source: Xinhua
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