Shanghai stocks soar to 5-year high

时间：2006-11-22 01:16:08

（单词翻译:单击）

Nov.21 - A continuing massive inflow of domestic and foreign funds Tuesday pushed the Shanghai stock index to a 5-year high with much of the buying concentrated in banks and blue chips.

 

The benchmark Shanghai Composite Index, which had seen five consecutive1 days of gains, breached2 the 2000-point psychological barrier and jumped 2.3 per cent to close at 2017.28, the highest since July 27, 2001.

 

The index is up about 72 per cent since the beginning of this year, making China one of the world's best-performing equities3 markets.

 

The rally gathered steam after the government initiated4 regulatory and structural5 reforms to convert US$250 billion worth of State-owned non-tradable shares to tradable ones.

 

The market surge is also a reflection of China's fast-growing economy and wide expectations of the yuan's further appreciation6.

 

These factors have combined to suck in a continuous inflow of investment funds from institutions, analysts8 said.

 

The exchange rate of the renminbi against the US dollar hit a new high last Monday, with the central parity9 rate at 7.8644. The rate was 7.869 yesterday.

 

Figures from Shanghai-based Wind Data show that since September, 22 mutual10 funds have raised 80.6 billion yuan (US$10.2 billion) to invest in the market.

 

In the past two weeks alone, eight mutual funds raised a combined 30 billion yuan (US$3.8 billion), indicating a new wave of capital for equities.

 

It predicted that by the end of this year, more than 100 billion yuan of (US$12.7 billion) new capital would flow into the market.

 

Meanwhile, the central government has quickened the pace of allowing more foreign capital into the stock market. The government granted US$400 million in new quotas12 in the past week to qualified13 foreign institutional investors14 (QFIIs), bringing the overall quota11 to US$8.645 billion.

 

"Those new funds are mainly invested in bank shares and other blue chips, which have steady and continual growing potential," said Zhang Qi, an analyst7 with Haitong Securities.

 

China Merchants Bank, which gained 1.1 per cent on Friday, jumped 6.6 per cent to 13.50 yuan (US$1.7). Industrial & Commercial Bank of China, the country's largest lender, climbed 3.2 per cent to 3.92 yuan (49.6 US cents) after gaining 9.8 per cent last week.

 

"Increasing confidence in the country's economy has boosted bank shares, which directly reflects the country's macro-economic situation," said Dorris Chen, senior analyst with BNP Paribas.

 

"Also, expectations of an appreciation of the Chinese currency are helping15 yuan-denominated shares to rise," he said.

 

Another heavyweight blue chip, Sinopec Corp, Asia's largest oil refiner, surged 7.8 per cent to 7.87 yuan (99.6 US cents) following Nymex crude's fall to a 17-month low at Friday's close.

 

Zhang Yichi, who manages a mutual stock fund that sold out within two days, believes the market would remain bullish next month. He predicted that the return for mutual fund investors next year will reach up to 25 to 30 per cent.

 

The market capitalization of the Shanghai Stock Exchange crossed 5,000 billion yuan (US$633 billion) on November 15.

 
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1 consecutive DpPz0     
adj.连续的，联贯的，始终一贯的
参考例句：
  • It has rained for four consecutive days.已连续下了四天雨。
  • The policy of our Party is consecutive.我党的政策始终如一。
2 breached e3498bf16767cf8f9f8dc58f7275a5a5     
攻破( breach的现在分词 )； 破坏，违反
参考例句：
  • These commitments have already been breached. 这些承诺已遭背弃。
  • Our tanks have breached the enemy defences. 我方坦克车突破了敌人的防线。
3 equities 501c457a1f918a4b41824052f5a3f5eb     
普通股，股票
参考例句：
  • These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
  • They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。
4 initiated 9cd5622f36ab9090359c3cf3ca4ddda3     
n. 创始人 adj. 新加入的 vt. 开始，创始，启蒙，介绍加入
参考例句：
  • He has not yet been thoroughly initiated into the mysteries of computers. 他对计算机的奥秘尚未入门。
  • The artist initiated the girl into the art world in France. 这个艺术家介绍这个女孩加入巴黎艺术界。
5 structural itXw5     
adj.构造的，组织的，建筑（用）的
参考例句：
  • The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
  • The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。
6 appreciation Pv9zs     
n.评价；欣赏；感谢；领会，理解；价格上涨
参考例句：
  • I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
  • I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
7 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。
8 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家，化验员( analyst的名词复数 )
参考例句：
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
9 parity 34mzS     
n.平价，等价，比价，对等
参考例句：
  • The two currencies have now reached parity.这两种货币现已达到同等价值。
  • Women have yet to achieve wage or occupational parity in many fields.女性在很多领域还没能争取到薪金、职位方面的平等。
10 mutual eFOxC     
adj.相互的，彼此的；共同的，共有的
参考例句：
  • We must pull together for mutual interest.我们必须为相互的利益而通力合作。
  • Mutual interests tied us together.相互的利害关系把我们联系在一起。
11 quota vSKxV     
n.（生产、进出口等的）配额，（移民的）限额
参考例句：
  • A restricted import quota was set for meat products.肉类产品设定了进口配额。
  • He overfulfilled his production quota for two months running.他一连两个月超额完成生产指标。
12 quotas 56efa1d6a3d7b4abe55e080dda812715     
（正式限定的）定量( quota的名词复数 )； 定额； 指标； 摊派
参考例句：
  • In fulfilling the production quotas, John made rings round all his fellow workers. 约翰完成生产定额大大超过他的同事们。
  • Quotas of the means of production are allocated by the higher administrative bodies to the lower ones. 物资指标按隶属关系分配。
13 qualified DCPyj     
adj.合格的，有资格的，胜任的，有限制的
参考例句：
  • He is qualified as a complete man of letters.他有资格当真正的文学家。
  • We must note that we still lack qualified specialists.我们必须看到我们还缺乏有资质的专家。
14 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
15 helping 2rGzDc     
n.食物的一份&adj.帮助人的，辅助的
参考例句：
  • The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
  • By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。

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