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Chinese stock market rebounded from its nadir

www.chinanews.cn 2005-02-03 15:15:10

Chinanews, Shanghai, Feb 2 (By Jiang Yu) - After the Shanghai stock
market hit an all-time low of 1188 points yesterday, it finally rebounded
strongly today, closing at 1252 points, representing a huge gain of
5.35%. The Shenzhen composite index also rose 5.05%.
The transaction volume of the Shanghai and Shenzhen stock markets
abruptly expanded to nearly 13 billion yuan (1.57 billion US dollars),
clearly showing that major institutions had been fully prepared for this
move.
In January this year, the price of A Shares on the Shanghai and Shenzhen
stock markets averaged 5.56 yuan (0.672 US dollars), which was next to
the lowest level since the Shanghai and Shenzhen stock exchanges were
established. The lowest average price of A Shares was 5.51 yuan (0.666 US
dollars), which occurred in 1995. By the end of last week, 99 stocks on
the Shenzhen and Shanghai stock exchanges had fallen below their net
asset value.
Securities analysts indicated that notwithstanding the recent spate of
good news from China's stock market, it was still a bear's heaven. One
important reason was that the market was in severe shortage of cash with
foreign funds not daring to buy, resulting in "anemia" for the entire
stock market.
Analysts believed that after the recent slump in the Chinese stock
market, most of the risks of individual shares had largely been
discounted and the downside is quite limited. However, a bull market
would still require new capital to be injected into the market
continually.

          ��Chinese stock market slumping again (2005-01-21)

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