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China's stock market booms
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THE year 2000 saw the most bullish year for China's stock market in recent years. Merrill Lynch has rated China's stock market the world's No 1 in terms of index gains, a Shenzhen Special Zone Daily report said yesterday.
Citing the Merrill Lynch year-end review, the report said only six of the world's 38 biggest stock markets have produced index gains for 2000.
The Shenzhen and Shanghai composite indices registered repeated record high in 2000, with the highest gains well over 50 per cent, the report said.
Meanwhile, China's stock market has also recorded further expansion in 2000: the total number of the listed companies on the Shenzhen and Shanghai stock exchanges has topped 1,000; the total market capitalization accounts for more than 50 per cent of GDP for the first time; the number of accounts opened by the investors has totalled more than 560 million.
China's stock market was bullish for most part of the year 2000. Unlike previous years, the Shenzhen and Shanghai stock exchanges opened strongly at the beginning of last year and ran in its upward trend for the next eight months. The indices on both the Shenzhen and Shanghai stock exchanges remained high at the end of last year. The Shanghai Composite Index ended the year 51. 73 per cent up, while the Shenzhen Composite Index shot up 58.07 per cent.
The year 2000 also witnessed drastic improvement for China's stock market. Chinese enterprises raised a total of 141.7 billion yuan on the domestic stock market during the year 2000, up nearly 65 per cent on the previous year, Xinhua News Agency said.
According to the statistics, among the new stocks issued in the year 2000, Baoshan Steel was the most eye-catching -- its total capital stock, circulating stock capital and net volume of money collected reached 12.5 billion yuan, 1.87 billion yuan and 7.72 billion yuan respectively, all record highs in China.
Experts attribute the boom of the stock market in China to the increase of institutional investors last year. In the first half of the year 2000, the number of such investors in Shanghai and Shenzhen totalled over 45,000.(SD News)
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