China A-shares close at record led by blue chips; benchmark index above 6,000 |
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Mon, 15 Oct 2007 08:25
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SHANGHAI (XFN-ASIA) - China A-shares closed higher with investors shrugging off the latest bank reserve requirement hike, convinced that the market will be kept stable during this week's Communist Party Congress,The benchmark Shanghai Composite Index closed up 126.82 points or 2.15 pct at a record 6,030.09, for the first time surpassing the 6,000-points milestone.The Party congress began today, with President Hu Jintao's opening speech touching upon improving the structure of China's capital markets.Key blue chips such as Sinopec, China United Telecommunications and Baosteel led the gains, while banks were mixed following China's latest credit tightening move.The central bank announced over the weekend that it will raise the reserve requirement for commercial banks by half a percentage point, effective Oct 25.Turnover fell to 193.47 bln yuan from 219.29 bln yuan in the previous session.The Shanghai A-share Index rose 133.51 points or 2.15 pct to 6,330.48 and the Shenzhen A-share Index was up 7.82 points or 0.49 pct at 1,602.14.The FTSE/Xinhua China A 50 Index was up 419.99 points at 23,139.95 and the FTSE/Xinhua China A 200 Index rose 234.47 points to 16,812.08.(1 usd = 7.51 yuan)lilian.wu@xfn.com-xfnlw/xfnjanmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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