By Ding Qi (chinadaily.com.cn)
Updated: 2007-07-27 17:12

In spite of heavy overnight losses on Wall Street and the European markets, major indices in the Chinese stock market managed to recover from a lower start and closed almost flat.

Although the index didn't conclude the week with another new high, the market's upward trend is unshakable – a belief held by investors both at home and abroad.

Reflecting the overseas plunge on Thursday, the Shanghai Composite Index opened at 4315.37, down 0.72 percent. After a quick dive to the day's lowest of 4268.79 several minutes later, the index swung upward to the psychologically important 4300-point level. It ended the week's trading at 4345.36, a slim decline of 1.1 points from Thursday's close, although this historic week has witnessed a 313-point gain together with a record high.

The Shenzhen Component Index opened at 14518.81, down 100 points from its previous close. But it also managed to reclaim most lost ground and closed at 14614.1, down only 0.04 percent.

                       Shanghai Composit Index

  Shenzhen Component Index

Transaction value of the Shanghai and Shenzhen markets reached 139.2 billion yuan and 75.9 billion yuan respectively, slightly higher than the last trading day, with 1005 stocks closed up, 136 down, and 318 flat.

In a related move, the leadership of the Communist Party of China held an economic meeting on Thursday, discussing the current economic situation and calling on some local governments to prevent China's blistering economy from overheating. Policies encouraging energy saving and pollution emission cut were also reiterated on the meeting, which was well echoed by the market today.

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