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Stocks edge up amid price corrections

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-06-06 15:52

Many analysts believe China's stock market is in better conditions, after recent corrections squeezing out speculative bubbles and attracting rational investors. After a whole day of further correction today, they said, a clearer landscape may be seen tomorrow.

By yesterday's closing, 2,799.8 billion yuan was ripped off in market capitalization, in exactly one week or five trading days since the stamp tax hike last Tuesday night. The total market value of all securities listed on the two exchanges was 16,223.7 billion yuan, down 14.7 percent from that of 19,023.5 billion yuan by the closing of May 29.

The new A-share accounts opened yesterday totaled 197,300, the smallest amount for two months. Total account opening was 240,500 at the two stock exchanges, including 2,656 B-share and 40,500 fund accounts for that day, according to China Depository and Clearing Co Ltd.

By yesterday, there had been 102,504,200 investment accounts in the two bourses, including 88,652,700 A-share, 2,183,400 B-share and 11,664,100 fund accounts.

But as a substantial portion of the market capitalization was deducted in the past week, analysts agree that 3,500 points for the Shanghai bourse is a "support level", meaning most investors still prefer buy to sell.

The securities regulator is trying to enlarge an important capital outflow channel to diminish the inflow-outflow discrepancy in the market.

The IPO committee of CSRC approved the initial public offering (IPO) application by Western Mining Co Ltd yesterday. The metal miner will issue no more than 500 million A shares on the Shanghai Stock Exchange.

The IPO committee of CSRC approved the initial public offering (IPO) application by China Western Mining Co Ltd yesterday. The metal mining company will issue no more than 500 million A shares on the Shanghai Stock Exchange. CSRC approved the IPO application by COSCO Holdings last Friday.

But that does not mean the IPO commission of CSRC is too desperate to push all the applicants up to the boards. For instance, Zhejiang Southeast Packaging Co Ltd failed to get the nod yesterday, said an analyst.

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