Stocks smash record after New Year dawns

时间：2007-02-27 05:25:31

（单词翻译:单击）

Feb.27 - Shanghai's benchmark stock index continued its rally into the new lunar year, closing yesterday for the first time above the 3,000 mark as trading resumed following the weeklong Spring Festival.

 

The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, jumped 1.40 percent to 3040.60, the best close since the bourse started trading in 1990.

 

Volume fell to 92.65 billion yuan (US$11.88 billion), compared with 95.98 billion yuan on February 16, the last trading day before the holiday break.

 

"Today's market performance probably reflects similar sentiment recorded on the Hong Kong stock exchange over the past few days," Wu Jianxiong, an analyst1 at Guotai & Jun'an Securities Co, told Shanghai Daily yesterday. "Just as we expected, banks led the declines and metal companies were the main gainers."

 

Shares of Baoshan Steel, the listed unit of China's biggest steelmaker, rose 8 percent, to 10.03 yuan. Angang Steel Co, the fourth-largest, rose eight percent, to 13.83 yuan. And Wuhan Iron & Steel Co, the listed unit of the nation's third-biggest steel maker2 in terms of output, gained 6.5 percent to close at 9.37 yuan.

 

"Encouraged by the rebound3 of prices for non-ferrous metals in the global market as well as an expected industrial earnings4 growth, the performances by companies in the sector5 were quite satisfactory," said Chen Huiqing, a Huatai Securities analyst.

 

Over the short term, Chen said investors6 should pay attention to the growth potential of information technology, pharmaceutical7, new materials, new energy, commerce and media firms.

 

On the downside, shares of China Merchants Bank, the country's sixth-largest lender, fell 5.6 percent to 16.85 yuan. China Minsheng Banking8 Corp, the nation's fastest growing bank, dropped 4.1 percent to 12.63 yuan.

 

The Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.8 percent to 5.1 yuan.

 

The declines in the banking sector were regarded as a natural response to a recent order by the central government that lenders must set aside 10 percent of deposits, up from 9.5 percent. The reserve-ratio increase, the fifth in eight months, was aimed at slowing loan growth and inflation.

 
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1 analyst gw7zn     
n.分析家，化验员；心理分析学家
参考例句：
  • What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
  • The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。
2 maker DALxN     
n.制造者，制造商
参考例句：
  • He is a trouble maker，You must be distant with him.他是个捣蛋鬼，你不要跟他在一起。
  • A cabinet maker must be a master craftsman.家具木工必须是技艺高超的手艺人。
3 rebound YAtz1     
v.弹回；n.弹回，跳回
参考例句：
  • The vibrations accompanying the rebound are the earth quake.伴随这种回弹的振动就是地震。
  • Our evil example will rebound upon ourselves.我们的坏榜样会回到我们自己头上的。
4 earnings rrWxJ     
n.工资收人；利润，利益，所得
参考例句：
  • That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
  • Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。
5 sector yjczYn     
n.部门，部分；防御地段，防区；扇形
参考例句：
  • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
  • The enemy have attacked the British sector.敌人已进攻英国防区。
6 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
7 pharmaceutical f30zR     
adj.药学的，药物的；药用的，药剂师的
参考例句：
  • She has donated money to establish a pharmaceutical laboratory.她捐款成立了一个药剂实验室。
  • We are engaged in a legal tussle with a large pharmaceutical company.我们正同一家大制药公司闹法律纠纷。
8 banking aySz20     
n.银行业，银行学，金融业
参考例句：
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

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