China News: Stock markets close higher on first trading day
Chinese stock markets closed higher on Monday, the first trading day of the Year of Dog on the country's lunar calendar, with two major stock indices up by more than 2 percent.
The Composite Stock Index on the Shanghai Stock Exchange, which comprises yuan-denominated A shares and foreign-currency B shares, closed at a new high in 2006 of 1,287.63 points, up 29.5 points, or 2.35 percent. Total turnover was 14.9 billion yuan (1.8 billion US dollars).
The major index of Shenzhen Stock Exchange, the Shenzhen Composite Index, rose 117 points, or 3.61 percent, to close at 3,359 points, with total a turnover of 9.1 billion yuan (1.1 billion US dollars).
A total of 1,101 shares listed on the two bourses went up on Monday, 60 shares were down and 18 shares maintained their prices.
Analysts said the Shanghai Composite Stock Index is expected to exceed 1,300 points in the coming trading days.
Shares of listed firms specialized in non-ferrous metal rose by a daily maximum of 10 percent, followed by such blue chips as Anshan Steel and real estate giant Wanke.
Analysts with Tianzhen Investment Consultancy Co. expressed optimism about the prospects of Chinese share markets in 2006, since ongoing share reform and increasing inflow of investment and underestimated share prices are making the Chinese A-share markets more valuable and attractive.
The markets were bearish during the past four years due to their flawed institutional problems and poor corporate governance, which have been targeted by the Chinese Government in their ongoing drive to invigorate the capital market.
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