By Li Zengxin
Updated: 2007-08-03 16:30

Driven by large-cap financial shares, Chinese stocks leaped higher today, with both major indices breaking all-time records.

The Shanghai Composite Index closed at 4,560.77, up 153.04 points or 3.47 percent from yesterday, higher both than its previous highest close, seen on July 31, and its highest point ever, on August 1.

Total turnover of the stocks in the major indices was 266.9 billion yuan, higher than yesterday.

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

Opening higher from 4,440.98, the benchmark Shanghai index formed a strong upward trend and its growth accelerated in the afternoon session. After touching the lowest 4,438.96 soon after the opening, it went up to close just under the highest 4,562.69.

Of the A shares listed in Shanghai, 493 went up, 282 closed down, and 67 ended flat. Changchun Gas gained 10.05 percent to the top of the list, followed by Xinjiang Talimu Agriculture Development and Fortune NG Fung Food (Hebei), both whom also sealed the maximum growth cap of 10 percent. Shanghai East China Computer, however, lost 7.6 percent to occupy the bottom.

The Industrial and Commercial Bank of China, the largest trader in terms of trading volume, gained 4.3 percent, rare for China's largest commercial bank with 9 billion floating A shares. China Minsheng Banking Corp, with the largest transaction value, rose 8.5 percent to 15.16 yuan, followed by CITIC Securities on the same list, with a nearly 10 percent surge to 71.95 yuan.

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

The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, closed at 16,179.64, 617.5 points or 3.97 percent higher than the previous closing. Opening higher from 15,699.74, it went through the day within a range from 15,699.74 to 16,194.04, both higher than yesterday's closing level.

Of the A shares, 369 closed up, 174 down and 77 were unchanged. Riding on the surging waves, Zhejiang Hongda Warp Knitting rocketed 538 percent to 34.65 yuan on its first trading day. Another new share, CNNC Huayuan Titantium Dioxide saw its share price growing five times from the initial issuing price. Hubei Sanonda, on the other side, was down 7.6 percent as the biggest loser.

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