China's stock market exceeds ¥1tr mark

GMT 10:09 2014 Saturday ,06 December

Arab Today, arab today China's stock market exceeds ¥1tr mark

China's stock market
Beijing - XINHUA

China's stock market set a new world record for daily turnover on Friday, breaking a previous high reached only two days ago, as a boom trend that started in late November continued.
Combined daily turnover of the Shanghai and Shenzhen bourses totaled 1.07 trillion yuan (175 billion U.S. dollars) on Friday, surpassing the previous record of 914.9 billion yuan on Wednesday.
Transactions on the two exchanges reached 639.19 billion yuan and 434.85 billion yuan respectively.
The record high turnover was reached amid rising shares on the A share market. The benchmark Shanghai Composite Index closed up 1.32 percent to finish at 2,937.65 points on Friday, and the Shenzhen Component Index closed at 10,067.28 points, up 0.37 percent.
Over 60 stocks on the two bourses surged by the daily limit of 10 percent on Friday.
The remarkable performance of Chinese shares was mainly led by formerly quiet heavyweights, such as those in the banking and oil sectors.
China's four major banks jumped on Friday. China Construction Bank soared by the 10-percent daily limit to close at 5.7 yuan per share, while the Industrial and Commercial Bank of China finished at 4.59 yuan per share, up 7.49 percent.
Two oil giants, PetroChina and Sinopec, also witnessed strong growth amid a continued drop in oil prices in the international market, with their shares closing 9.88 percent and 4.96 percent higher, respectively.
Stock brokerages were winners in the bullish market, either hitting or approaching the daily changing limit.
Other sectors with strong performance included aviation, futures and the military and weapons industry.
However, majority shares of smaller companies lagged behind. Shares of 1,951 companies declined on Friday, over 75 percent of all companies listed on the A-share market.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, closed 2.46 percent lower on Friday.


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