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The Shanghai Composite Index opened from 3,981.82 and climbed a little to 3,987.27. But soon it slipped and hit the lowest 3,697.12 with little resistance. Then it turned back and stumbled up. The weak support did not reverse a downward trend.
Although the two exchanges did not implement the rule of suspending trading on shares with "abnormal price fluctuation" last week, at some 310 stocks in total, they couldn't quite stop investors from "panic" selling this morning. By the closing time, the benchmark index has diminished 467 points in merely less than four trading days from the highest 4,334.92 on Tuesday's closing.
Of the A shares listed on the two exchanges, only 134 saw their prices rising this morning, leaving 1,294 dropping and 145 unchanged. Heavyweight blue chips also failed to have the slightest growth to make the index look better.
Bank shares, the Industrial and Commercial Bank of China, Bank of China and China Minsheng Banking Corp, ranking on top of the trading volume and transaction value on the Shanghai bourse, all slid to press the index down.
Affected by the wide range swings of the stock market recently, A-share account opening shrank dramatically to 269,734 on May 31. New B-share accounts also decreased.
On the other hand, the risk-resistant features of fund products attracted more investors in the volatile market, as the daily new accounts rocked to 449,421 last Thursday, right after the hike in stamp tax on stock trading.
New stock account opening in May:
Date | A share | B share | Fund | Total |
2007-05-08 | 368,489 | 16,632 | 36,710 | 421,831 |
2007-05-09 | 325,969 | 27,764 | 198,826 | 552,559 |
2007-05-10 | 333,963 | 35,133 | 194,143 | 563,239 |
2007-05-11 | 335,278 | 38,815 | 362,940 | 737,033 |
2007-05-14 | 346,892 | 44,777 | 108,179 | 499,848 |
2007-05-15 | 299,762 | 56,570 | 47,037 | 403,369 |
2007-05-16 | 240,023 | 44,668 | 42,328 | 327,019 |
2007-05-17 | 232,257 | 33,693 | 27,836 | 293,786 |
2007-05-18 | 252,364 | 35,066 | 23,009 | 310,439 |
2007-05-21 | 286,995 | 27,952 | 37,185 | 352,132 |
2007-05-22 | 286,392 | 20,627 | 34,334 | 341,353 |
2007-05-23 | 297,757 | 14,860 | 37,245 | 349,862 |
2007-05-24 | 316,482 | 11,005 | 35,232 | 362,719 |
2007-05-25 | 311,706 | 9,923 | 51,593 | 373,222 |
2007-05-28 | 385,302 | 9,347 | 60,462 | 455,111 |
2007-05-29 | 367,466 | 8,154 | 48,088 | 423,708 |
2007-05-30 | 343,715 | 5,895 | 76,552 | 426,162 |
2007-05-31 | 269,734 | 4,308 | 449,421 | 723,463 |
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