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| Chinese Benchmark Stock Index Hits New High |
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The Chinese benchmark stock index broke the 2,300 mark on Monday, closing at an all-time high of 2,332.43 points. The benchmark Shanghai Composite Index covering both A- and B-shares rose 2.57 percent to close at 2,332.43 points on Monday afternoon. The Component Stock Index on the Shenzhen Stock Exchange closed at 6,393.33 points, up 224.84 points from the previous close. Turnover on the two stock markets also climbed, with 53.88 billion yuan (about US$6.74 billion) on the Analysts with Shiji Securities Co. attributed the bullish market to the robust form of market heavyweights such as Industrial and Commercial Bank of China (ICBC) and Sinopec. Banking, real estate, and wine-making stocks rose sharply on the two exchanges. ICBC shares rose 5.56 percent, with Bank of China and China Merchants Bank also both up. Meanwhile, Analysts believe the two markets will continue to rise, with the banking sector the major driving force in the short term. (Xinhua News Agency December 19, 2006)
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