After opening about 2% lower, the markets rose steadily throughout the day, a reaction mainly to the announcement late last Friday by the CSRC that it will allow a resumption of IPOs from June onwards. Real Estate and Securities sub-sector led the rally.

The benchmark Shanghai Composite Index closed at 2,610.01 up 0.48% or 12.41 points and the Shenzhen Component Index closed at 10,182.16 up 1.09% or 109.53 points. Combined turnover increased to RMB 181.93 bln, up from 152.02 bln the previous trading day.

Finance and Insurance Industrial and Commercial Bank (601398) unch at RMB 4.26, China Construction Bank (601939) unch at RMB 4.50, Bank of China (601988) unch at RMB 3.53, Bank of Communications (601328) down 1.42% to RMB 6.95, China Merchants Bank (600036) down 0.30% to RMB 16.60 and China CITIC Bank (601998) down 0.20% to RMB 4.99.

Ping An Insurance (601318) down 0.53% to RMB 39.23, China Life Insurance (601628) unch at RMB 23.08, CITIC Securities (600030) unch at RMB 24.80, Haitong Securities (600837) up 6.31% to RMB 14.33 and Changjiang Securities (000783) up 5.35% to RMB 16.54.

Real Estate China Vanke (000002) up 3.21% to RMB 9.96, Poly Real Estate (600048) up 1.54% to RMB 21.69, Gemdale Corporation (600383) up 3.13% to RMB 16.15, Beijing North Star (601588) up 5.17% to RMB 5.49 and Huafa Industrial (600325) up 1.20% to RMB 19.47.

Resources and Energy PetroChina (601857) up 1.87% to RMB 13.10, China Petroleum & Chemical (600028) up 0.59% to RMB 10.30, China Shenhua Energy (601088) down 0.19% to RMB 26.04, China Coal Energy (601898) down 0.51% to RMB 11.62, Aluminum Corporation of China (601600) up 1.22% to RMB 10.75 and Zijin Mining (601899) down 1.92% to RMB 8.67.

Metals and Materials Baoshan Iron & Steel (600019) down 0.65% to RMB 6.07, Jiangxi Copper (600362) up 5.85% to RMB 28.93, Anhui Conch Cement (600585) down 3.37% to RMB 42.48, Wuhan Iron & Steel (600005) down 1.41% to RMB 7.00 and Maanshan Iron & Steel (600808) down 0.97% to RMB 4.08.

MY01/VW/YS
25 May 2009