BIZCHINA / News |
Stock market value exceeds bank deposits(Xinhua)Updated: 2007-05-18 16:04 The Chinese mainland's two stock exchanges saw their market value surpass the country's savings deposits, making stock assets a major aspect of the nation's wealth, the China Securities News reported Friday. Combined market value of the two bourses in Shanghai and Shenzhen hit a record 17.43 trillion yuan (US$2.23 trillion) on the previous trading day, said the report. The figure compares with the country's savings deposits, which shrank by 167.4 billion yuan in April this year to 17.37 trillion yuan. However, the recent fluctuations of Chinese share prices made many retail investors balk at the stock market. The number of the A-share trading accounts opened daily declined to 240,000 on Thursday, from 299,800 on May 15 when the key Shanghai Composite index slumped 3.64 percent to below 3,900 points and from 326,000 on May 9 when the index broke the 4,000-point mark. (For more biz stories, please visit Industry Updates)
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