Shanghai market tops 5,300 points
4 September 2007
China's stock market closed at a new record high on Monday as airline shares surged in response to Singapore Airlines and Temasek buying into domestic carrier China Eastern, AP reported. The Shanghai Composite Index (SCI) rose 102.23 points, or 2%, to reach 5,321.06 for the first time. The Shenzhen Composite Index also hit a record high, gaining 2% to finish at 1,487.89. China Eastern's stock, which has been suspended since late May, posted the maximum allowed single-day gain of 10% to close at RMB10.56 (US$1.39). China Southern Airlines also hit the 10% ceiling. The SCI ended 15 sessions in August at new record levels while the Shenzhen Composite Index posted 13 record-level closes. Meanwhile, plans to allow individual investors to buy Hong Kong stocks looked set for further delays amid talk of a power struggle within the government. Some top officials fear the move could cause a slump in mainland shares.