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Shares bounce 2.93%, led by heavy weights

(Xinhua)
Updated: 2008-05-21 17:14

Chinese share prices rebounded on Wednesday, led by heavyweights Sinopec and PetroChina.

The benchmark Shanghai Composite Index closed at 3,544.19 points, surging 101.03 points, or 2.93 percent, from the previous close.

The Shenzhen Component Index on the smaller Shenzhen Stock Exchange closed at 12,659.82 points, up 210.01 points, or 1.69 percent, from Tuesday.

The Hushen 300 Index reflecting the performance of China's Shanghai and Shenzhen stock exchanges closed at 3,783.05 points, rising 72.23 points.

The combined turnover on the two bourses climbed to almost 150 billion yuan ($21.55 billion) from the previous day's 141 billion yuan.

The Shanghai Composite Index, the indicator of Chinese stock market opened lower on Wednesday and slumped to close at 3,355.08 points in the morning session.

However, it went up sharply as the two heavyweights Sinopec and PetroChina soared in the afternoon session. The two stocks gained 9.99 percent and 6.63 percent respectively at the close.

Analysts said the regulator may ask the fund management companies to boost the index in a bid to keep the stock market stable after the drastic earthquake.

The Chinese stock market had not seen any big slump till Tuesday when the Shanghai Composite Index plunged 4.48 percent due to fear of more serious quakes.

Some Sichuan-based listed companies even saw their stock prices rise in recent days. Sichuan Luqiao, a road and bridge construction company, has gained 46 percent since the earthquake day.

Statistics with TopView, an authoritative database about Chinese stocks, show that domestic securities funds saw a net inflow of 8.2 billion yuan into the A-share market between May 13 and May 15, which means the fund management companies are buying more and selling less.

Analysts are divided as to how the earthquake could affect the Chinese stock market. Some worry the disaster may push the CPI higher and bring damage to the greater economy.

However, Zhang Yong, an analyst with the China Great Wall Securities, believed the earthquake would affect the market mood, but would have little substantial effect.