China stocks hover around 5,500 mark

时间：2007-09-26 06:35:07

（单词翻译:单击）

Sept. 25 - China's main stock index sailed past the 5,500 mark briefly1 on Monday, driven by Sinopec and other resource shares.

 

The benchmark Shanghai Composite Index rose 0.56 percent on Monday to close at 5,485.01 points, after hitting an all-time high of 5,506.06. The new record marked an increase of 105.83 percent from the end of last year.

 

The Shenzhen Composite Index grew 0.48 percent to 1,506.23, while the CSI 300 Index, which covers 300 major companies on the Shanghai and Shenzhen stock exchanges, went up 0.84 percent to 5,513.89.

 

Sinopec was the largest single contributor to the Shanghai index, jumping 3.71 percent to close at 18.99 yuan per share. At one point during the trading session, Asia's largest oil refiner grew as much as 6.77 percent.

 

Analysts2 attribute the rise to rival PetroChina's imminent3 Shanghai listing, saying Sinopec's valuation will also benefit from the debut4. On Monday, China's securities watchdog is scheduled to examine China's largest oil producer's detailed5 proposal for yuan-denominated A shares.

 

Other resource shares were also strong. Aluminum6 Corporation of China surged 3.55 percent to 49.03 yuan, while Zhongjin Gold Co. increased 1.64 percent to 141.26 yuan.

 

In the real estate sector7, Poly Real Estate Group Co. rose 5.55 percent to 75.14 yuan, followed by a 3.65 percent gain in China Vanke to 30.99 yuan.

 

Financial shares were mixed, with Shenzhen Development Bank soaring 5.39 percent to 38.11 yuan. China Merchants Bank rose 5.23 percent to 37.86 yuan, compared with a 2.02 percent increase in Ping An Insurance (Group) Company of China to 121.93 yuan.

 

However, the Bank of China fell 0.17 percent to 5.94 yuan, and China Life dropped 0.84 percent to 56.47 yuan.

 

Monday's overall advance was capped by liquidity8 concerns brought about by recent and upcoming IPOs by a series of major companies in the mainland bourses.

 

In September and early October, the listing of Bank of Beijing, China Construction Bank, China Oilfield Services Ltd, China Shenhua Energy Co, and Petrochina is estimated to raise more than 200 billion yuan.

 

Furthermore, regulators are also pumping liquidity out of the market. The central bank ordered the commercial banks to set aside more money as reserves earlier this month.

 

The Ministry9 of Finance has announced plans to issue 200 billion yuan of special treasury10 bonds, the second batch11 of a planned 1.55 trillion yuan sale to finance the forex investment company.

 

The market faces increasing pressure for a major correction, as the valuation is very high, analysts said.

 

More than 84 percent of fund managers believe the market is overvalued, China Securities Journal cited a survey as saying on Monday, with more than 29 percent of those polled saying the current price level is 30 percent more than the actual value.

 
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1 briefly 9Styo     
adv.简单地，简短地
参考例句：
  • I want to touch briefly on another aspect of the problem.我想简单地谈一下这个问题的另一方面。
  • He was kidnapped and briefly detained by a terrorist group.他被一个恐怖组织绑架并短暂拘禁。
2 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。
3 imminent zc9z2     
adj.即将发生的，临近的，逼近的
参考例句：
  • The black clounds show that a storm is imminent.乌云预示暴风雨即将来临。
  • The country is in imminent danger.国难当头。
4 debut IxGxy     
n.首次演出，初次露面
参考例句：
  • That same year he made his Broadway debut, playing a suave radio journalist.在那同一年里，他初次在百老汇登台，扮演一个温文而雅的电台记者。
  • The actress made her debut in the new comedy.这位演员在那出新喜剧中首次登台演出。
5 detailed xuNzms     
adj.详细的，详尽的，极注意细节的，完全的
参考例句：
  • He had made a detailed study of the terrain.他对地形作了缜密的研究。
  • A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。
6 aluminum 9xhzP     
n.(aluminium)铝
参考例句：
  • The aluminum sheets cannot be too much thicker than 0.04 inches.铝板厚度不能超过0.04英寸。
  • During the launch phase,it would ride in a protective aluminum shell.在发射阶段，它盛在一只保护的铝壳里。
7 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。
8 liquidity VRXzb     
n.流动性，偿债能力，流动资产
参考例句：
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
9 ministry kD5x2     
n.(政府的)部；牧师
参考例句：
  • They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
  • We probed the Air Ministry statements.我们调查了空军部的记录。
10 treasury 7GeyP     
n.宝库；国库，金库；文库
参考例句：
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
11 batch HQgyz     
n.一批(组，群)；一批生产量
参考例句：
  • The first batch of cakes was burnt.第一炉蛋糕烤焦了。
  • I have a batch of letters to answer.我有一批信要回复。

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