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Index rallied 153 points after holiday break

By Ding Qi (chinadaily.com.cn)
Updated: 2008-04-07 16:30

Mainland stocks regained seemingly lost bullish momentum on Monday as the major stock index surged 153 points with more than 90 percent of stocks closing up.

Affected by the absence of substantial good news, the benchmark Shanghai Composite Index opened 28 points lower at 3,418.52. After a temporary dip to below 3,400 points, the index began a spectacular rally and closed at 3,599.62, up 4.45 percent and getting close to the 3,600-point mark.

Shanghai Composite Index Source: Sina.com.cn

The Shenzhen Component Index gained even more to close at 13,396.61 points, rising 5.88 percent. The CSI 300 index, covering major stocks in both markets, also jumped 5.34 percent to 3,845.82 points.

Combined turnover of the two markets expanded to 127 billion yuan ($18.14 billion). A noteworthy 1,419 stocks gained today and more than 100 rose to the day's limit of ten percent. Only 4 stocks fell and 125 ended flat.

Having underperformed for a long time, blue chips rebounded spectacularly and led today's gains. PetroChina gained nearly 4.56 percent to 18.35 yuan. Sinopec, Asia's biggest oil refiner. rose 4.25 percent to 12.99 yuan. The giant said yesterday that its net profit rose 5.5 percent to 56.53 billion yuan in 2007 despite rising international crude oil costs and government controls on fuel prices.

The financial sector also put in considerable gains. Shares of eight brokers surged to the day's limit. CITIC Securities, the nation’s largest listed securities firm, gained 9.52 percent to 56.85 yuan. The securities sector has experienced heavy losses in the past few months amid weaker profit expectations in a depressed market.

In a clear move to boost the sliding market, the China Securities Regulatory Commission approved the launch of another mutual fund , bringing the number of new funds to 30 this year. However, over the weekend there was no more substantial news such as the long-awaited stamp tax cut.

The Shanghai index has lost over 30 percent since the beginning of the year amid the spreading impact of the US subprime crisis, investor fears of excessive fund-raising, and increasingly tight monetary policies.

Today's sizable gains might recover some of the losses from the three-month lull, but it was still too early to say market confidence has fully returned, market watchers said.