标题: Chinese shares close down to 8-year low [打印本页] 作者: 林川 时间: 2005-6-4 07:01 标题: Chinese shares close down to 8-year low
Chinese shares close down to 8-year low
2005-06-03 06:28:55 Xinhua English
BEIJING, June 3(Xinhuanet)-- Chinese stock markets closed this trading week with the stock index hitting a new eight-year low at 1,000.52 points during Friday';s session.
The benchmark Composite Stock Index of the Shanghai Stock Exchange, which covers yuan-denominated A shares and foreign-currency B shares, slumped to 1,013.64 points, down by 2.43 points,or 0.24 percent from the previous year.
Analysts said the index bounced back apparently due to "rescue efforts" by unidentified investors to preventing the market from going down further.
The Component Stock Index on the Shenzhen Stock Exchange closedat 2,627.02 points on Friday, down 3.58 points from Thursday.
Total volumes of shares traded on the markets stood at 8.2 billion yuan (1 billion US dollars), down slightly over the previous session.
Analysts said performance of benchmark shares was stable and Yangtze Hydroelectric';s shares played important role in keeping the Shanghai stock index above 1,000 points.
Gu Jie, analyst with Hualin Securities Co., said major index of the two markets slumped excessively while a growing number of investors have opened stock market investment accounts.
The analyst also said the technical rebound of the two markets will be limited unless the Chinese central government adopted favorable measures to boost the markets.
Chinese stock markets, which were created 15 years ago, have fallen continuously since 2001.
The initial decline was triggered by the plan made public by the Ministry of Finance in 2001 to sell some of shares of a few state-owned firms to raise capital for the country';s social security fund. The ministry soon shelved the plan after the stock owners began to dump shares in panic.
Poor corporate governance and split share structure problem have been blamed as major problems for the sluggish market performance.
The split share structure refers to the existence of a large volume of non-tradable state-owned and legal personal shares, about two-thirds of the shares of the firms listed on the two markets.
That means only about one-third of the shares in domestically listed firms float on the markets. The structure puts public investors in a worse position than the actual controllers in making corporate policies and disposing of the firms'; profits and assets.
China launched an experiment last month to solve the problem but investors have yet to see any favorable arrangement by majority stock holders.
The Chinese economy has been growing by an average of 9.4 percent annual for the past 27 years, while the domestic stock markets, far from being an economic barometer, were down by half during the past four years since 2001.
作者: 坏的刚刚好 时间: 2005-6-4 12:45 标题: Chinese shares close down to 8-year low
