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Share prices close 0.88% higher, 01/26

(Xinhua)
Updated: 2007-01-29 09:41

Chinese share prices rebounded last Friday as the benchmark Shanghai Composite Index finished 25.20 points, or 0.88 percent higher at 2,882.56 points on turnover of 84,624 million yuan (US$10,877 million).

The index, which covers both A- and B-shares, touched 2,720.83 points on the lowest level and rebounded led by the banking and real estate sectors, from the huge loss of 3.96 percent on the previous closing.

The Shanghai A-share Index closed up 26.46 points at 3,028.36 points, while the B-share Index gained 1.50 points to 170.54 points.

The Component Index on the smaller Shenzhen Stock Exchange closed 210.05 points higher at 8,223.30 points on turnover of 42,476 million yuan.

The Hushen 300 Index reflecting the whole fluctuation of China's Shanghai and Shenzhen stock exchanges jumped 60.09 points to close at 2,512.92 points.

Shares of the Huaxia Bank and the China Minsheng Bank added 10 percent, the daily limit, to close at 10.08 yuan and 12.84 yuan, respectively.

The heavyweight Industrial and Commercial Bank of China fell 0.38 percent to close at 5.26 yuan.

Property developers were also among the day's big gainers. COFCO Property Group jumped 10 percent to 12.65 yuan, while China Vanke surged 5.27 percent to 18.58 yuan.

Zhang Li, an analyst with Huatai Securities, said the correction was in expectation and may lead to another big gain since there were till now no changes to the excessive liquidity, the further appreciation of the Chinese currency, and the bright growth prospects of China's economy and the listed companies.

Analysts said the fluctuation came as investors sold shares to lock in profits and some experts warned the share prices might be overvalued.