By Li Zengxin (chinadaily.com.cn)
Updated: 2007-09-12 16:29

After the deepest dive in three months yesterday, Chinese stocks changed directions frequently in short-ranged price adjustments today. As uncertainty prevails, the major indices failed to form a clear trend, although both finished higher than yesterday.

As for the short-term future movement, analysts are divided on whether a 4.5 percent plunge yesterday is deep enough to overcome the recent pressure including an inflation prospect and expected further tightening measures by the government.

Some believe because the 'discouraging' news has been already released, and the market fully anticipates the 'almost certain' tightening, sudden turbulence in the market could be avoided. Others expect a longer period of price corrections, such as the May 30 setback, in the market before it turns up again.

Total turnover of the stocks in the major indices was 225.6 billion yuan, down 33.6 billion yuan or 13 percent from yesterday.

Shanghai Composite Index
Source: sina.com.cn

The Shanghai Composite Index closed at 5,172.63, up 58.66 points or 1.15 percent from yesterday's close. The index rocketed to its highest of 5,192.30 right after a lower opening at 5,092.58. Then it lost support and slid all the way down to the lowest 5,025.34 soon before the noon break, where it turned up again. Following a few hikes and drawbacks, the index managed to take back the lost 5,100 ground at the close.

Of the A shares listed in Shanghai, 483 went up, 282 closed down and 77 remained unchanged. Huadian Power International led another 35 shares to rise on the maximum growth cap of 10 percent on the top gainers list. China Unicom, with the largest trading volume, lost 1.33 percent while China COSCO Holdings, with the largest transaction value, rose 0.62 percent to 38.7 yuan after yesterday's 10 percent surge against the trend.

Shenzhen Component Index
Source: sina.com.cn

The Shenzhen Component Index finished at 17,398.41, up 269.02 points or 1.57 percent. Opening lower at 17,068.46, it went through the day within a range between 16,944.11 and 17,453.37.

Of the A shares, 338 closed up, including 21 of them rising to the cap, 223 fell and 78 ended flat. Of the largest traders, China Vanke moved up a little while TCL dropped 2.1 percent.

Stocks in the mining, pharmaceutical and metal industries led the rise. Chengzhou Mining Group led all the mining shares except Sinopec on a surge with a 10 percent rise. Paper makers were also strong today.

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