By Li Zengxin (m.ming7.cn)
Updated: 2007-08-07 16:48

Higher volatility ruled the market today, as stocks listed in Shanghai outperformed the Shenzhen market, and the Shanghai Composite Index closed up on the fourth consecutive trading day and broke previous record highs for the third day in a row.

Total turnover of the stocks in the two major indices was 276.6 billion yuan, the largest in a month.

Shanghai Composite Index
Source: www.sina.com.cn

The Shanghai Composite Index opened lower from 4,642.01 and closed at 4,651.23, up 23.12 points or 0.5 percent over yesterday's closing, a new record high The spread between the lowest of 4,581.29, soon after the opening, and the highest of 4,642.01, on a surge initiated at the beginning of the afternoon session, was over 100 points, larger than yesterday's 65-point range. The larger spread reflected higher market volatility caused by intense battling between buying and selling bids.

Of the A shares listed on the Shanghai bourse, 307 closed up while 473 slipped and 62 finished unchanged. Beijing North Phenix Intelligence Technology led a total of 13 stocks to rise at least 10 percent, the maximum movement cap for stocks on a single-day trading. Hangxiao Steel Structure, running into difficulties in its Angola project, was down 8.37 percent to finish the day on the bottom.

China Unicom, with the largest trading volume, added 0.06 yuan to its share price. Chalco, with the day's largest transaction value, rose nearly 5 percent to 31.81 yuan.

Shenzhen Component Index
Source: www.sina.com.cn

The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, was down 19.54 points or 0.12 percent to 16,523.27. Opening higher from 16,551.71, it went through the day in a range between 16,159.01 and 16,735.61, both numbers higher than the previous close.

Of the A shares, 217 went up, 332 slipped, and 71 closed flat. Luoyang Chundu Foodstuffs, resuming trading today, went up 48 percent to 14.55 yuan as the top gainer while Hainan Haide Industry lost 7.27 percent on the other end of the table. The largest trader, China Vanke, lost 0.59 yuan in share price.

Stocks in the mining, timber and paper-making industries rose the fastest. Gansu Jingyuan Coal Industry and Electricity Power rose 10 percent to lead other surging minors. Financial shares were also strong.

Closed-end mutual funds were slightly down, with both the fund indices dropping less than 1 percent. B shares finished mixed, with 39 of them closing up, 9 unchanged and 63 down. Shanghai Friendship Group grew 10 percent as the top gainer.

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