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��Home>>Business
Chinese shares close higher Monday
www.chinanews.cn 2007-05-22 10:14:53
(Source: Xinhua)
May 22 - Chinese shares rose on Monday to a new high after central bank's
latest move to curb liquidity and squeeze bubble in the capital market.
The benchmark Shanghai Composite Index rose 1.04 percent, or about 42
points, to close at 4,072.23 points. The turnover reached211.354 billion
yuan (22.4 billion U.S. dollars).
The Component Index of the smaller Shenzhen Stock Exchange climbed 169.10
points, or 1.4 percent, to conclude trading at 12,269.20 points on a
turnover of 106.146 billion yuan.
The shares were led by coal and aviation companies.
The Shanxi-based Datong Coal Industry Company soared to the daily limit
10 percent at 23.1 yuan and the Beijing-based Aerospace Hi-tech Holding
Group went up 9.97 percent to 15.88 yuan.
Shares in telecommunication, building materials and recycling also
performed well.
However, banking shares dropped on Monday following the announcement of
hiked in interest rate and reserve requirement ratios.
The Industrial and Commercial Bank fell 0.73 percent to reach at 5.45
yuan. The Bank of China slump 1.03 percent to close at 5.75 yuan.
The People's Bank of China, the central bank announced to raise the
benchmark interest rates and the bank reserve ratio simultaneously on
Friday.
"The decision is reasonable and within people's expectations," said Yin
Jianfeng, a financial expert with the Chinese Academy of Social Sciences.
"By doing so, the central bank attempts to impose curbs on excessive
investment and the speculative bubble on the stock market, but it is too
early to say whether the move will be effective," Yin said.
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