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China's shares rise to new high third time in a week
Published in Saudi Press Agency on 03 - 08 - 2007


China's shares rose to a new record
high Friday the third time in a week, surging back from an
Asia-wide slump prompted by worries about U.S. mortgages, AP reported.
The benchmark Shanghai Composite Index rose 3.5 percent to
close at 4,560.77 points. The Shenzhen Composite Index for
China's smaller second market also reached a new high,
rising 2.3 percent to 1,323.40.
The Shanghai index also set new record highs Monday and
Tuesday, driven by expectations of strong corporate
profits. Chinese stocks fell Wednesday as Asian markets
reeled from a Wall Street sell-off prompted by concern that
troubles over subprime mortgages might spread. But Chinese
prices rose again Thursday, recovering some of their
losses.
Chinese companies have been forecasting strong profit
growth amid a boom that saw China's economy expand by 11.9
percent last quarter, its fastest quarterly growth since
1995.
The Shanghai index is up more than 60 percent this year,
after more than doubling last year.
Friday, the biggest gains were among property and
financial shares.
Analysts said they expected the market to edge even higher
in coming sessions, led by a revival of speculative
interest.
«The property sector is already overvalued, but its
recent gains have spurred a strong appetite for property
shares,» said strategist Wang Sheng at Haitong Securities.
«Investors seem unlikely to step back until the sector is
way too overheated.»
Shares in developer China Vanke jumped 7.1 percent.
Beijing North Star rose 7.4 percent and Financial Street
Holding surged 9.6 percent.
«Some new funds are building positions and many retail
investors encouraged by the recent market rise are piling
into stocks,» said Qi Fupeng at China Jianyin Investment
Securities.
China Minsheng Banking rose 8.5 percent, while Citic
Securities and China Merchants Bank both rose by their 10
percent daily limit.
«Financial names are by no means cheap now,» Wang said.
«But compared with property firms and many other
extravagantly priced companies, their valuations are
acceptable.»


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