[20080618] China Afternoon Commentary-Shanghai Securities

10 Continuous Drops Ended by 5% Rise Today<h3 style="MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm;"> </h3><div align="center"><table cellspacing="0" cellpadding="0" width="578" border="1" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; WIDTH: 433.25pt; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse;"><tbody><tr style="HEIGHT: 12.05pt;"><td width="108" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 2.25pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 80.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.05pt;">Shanghai</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.05pt;">16th June</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.05pt;">17th June</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.05pt;">18th June</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.05pt;">19th June</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.05pt;">20th June</td></tr><tr style="HEIGHT: 24.1pt;"><td width="108" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 80.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;">A share index</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;">3014.740.19%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;">2931.83-2.75%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;">3085.445.24%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;"> </td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;"> </td></tr><tr style="HEIGHT: 24.1pt;"><td width="108" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 80.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;">B share index</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;">219.15-1.54%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;">208.30-4.95%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;">218.324.81%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;"> </td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;"> </td></tr><tr style="HEIGHT: 35.4pt;"><td width="108" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 80.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 35.4pt;">Treasury Bond index</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 35.4pt;">113.500.08%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 35.4pt;">113.520.02%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 35.4pt;">113.520.00%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 35.4pt;"> </td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 35.4pt;"> </td></tr><tr style="HEIGHT: 24.1pt;"><td width="108" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 80.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;">Composite index</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;">2874.100.18%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;">2794.75-2.76%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;">2941.115.24%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;"> </td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 24.1pt;"> </td></tr><tr style="HEIGHT: 24.1pt;"><td width="108" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 80.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt solid; HEIGHT: 24.1pt;">Trading Volume</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt solid; HEIGHT: 24.1pt;">RMB44.442bil46.747mil shs</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt solid; HEIGHT: 24.1pt;">RMB44.952bil48.798mil shs</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt solid; HEIGHT: 24.1pt;">RMB71.250bil77.755mil shs</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt solid; HEIGHT: 24.1pt;"> </td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt solid; HEIGHT: 24.1pt;"> </td></tr></tbody></table></div> <div align="center"><table cellspacing="0" cellpadding="0" width="576" border="1" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; WIDTH: 431.75pt; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse;"><tbody><tr><td width="108" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 2.25pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 81pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 1pt solid;">Shenzhen</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 1pt solid;">16th June</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 1pt solid;">17th June</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 1pt solid;">18th June</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 1pt solid;">19th June</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 1pt solid;">20th June</td></tr><tr><td width="108" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 81pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;">A share index</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;">10405.85-1.03%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;">9989.06-4.01%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;">10490.805.02%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;"> </td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;"> </td></tr><tr><td width="108" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 81pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;">B share index</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;">4103.850.49%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;">3909.72-4.73%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;">4005.692.45%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;"> </td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;"> </td></tr><tr><td width="108" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 81pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;">Component index</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;">9825.27-1.12%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;">9429.50-4.03%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;">9903.145.02%</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;"> </td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;"> </td></tr><tr><td width="108" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 81pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt solid;">Trading Volume</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt solid;">RMB22.531bil23.672mil shs</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt solid;">RMB23.890bil24.901mil shs</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt solid;">RMB34.178bil36.967mil shs</td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt solid;"> </td><td valign="top" width="94" style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 70.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt solid;"> </td></tr></tbody></table></div> Profile of Today’s Market:Despite of 10-day decline, China securities market on Wednesday was not rebounded in the morning session to once decline to 2729 points. From Mar. 30 to Apr. 9, 1992, SSE Index used to decline for consecutive 9 days. The 10-day decline was the first time in the history of A-share market. But then the market rebounded gradually and heavy-weighted stocks had strong long power to support. The market soared by 5.24% to 2941, which was basically the high today.  Key Drivers: The heavy weighed was strongly boosted. The top-20 heavy weighed stocks surged by 4.41% on average. China Petroleum & Chemical reached up limit, Petro China jumped 5.58%, Industrial and Commercial Bank of China rose over 4%. The securities sector which led the decline in the past was rally strongly with Haitong Securities closed at daily limit. It fluctuated greatly and performed actively.  Venture investment stocks show outstanding performances. Led by Shanghai Tongji Science & Technology Industrial, which skyrockets to upper limit in morning session, the whole sector rises. Shanghai Fudan Forward Science and Technology jumps 8.92%. Tsinghua Unisplendour surges to upper limit. Yunnan Nantian Electronics Information and Lihe Co.,Ltd soar by 9.91% and 7.4% respectively. Recently, the NDRC and the Ministry of Finance issued a notice to arrange the trial venture investment work of industrial R&D funds in 2008. Those high-growth enterprises, that conform to “The “11th Five-year” Plan for National High-tech Development” and “The Guide of Current Predominant Important Fields of High-tech Industrialization” and are appropriate for venture investment, are the investment emphasis. The notice reflects the government’s supporting attitude to venture investment enterprises and the market regards it as a piece of positive news to venture investment stocks. Media sector became the hotspot today. China Huawen Investment Holding Co., Ltd, the actual controller of Huawen Media Investment Corporation (<a href="http://000793.sz/" target="_blank">000793.SZ</a>), said that PICC Investment Holding Co.，Ltd, the wholly controlled company of PICC Group Corporation, will restructure Huawen Media Investment Corporation jointly with People's Daily News Agency and Shenzhen China Overseas Investment Co., Ltd, whose parent company is China Overseas Holding Limited. It might cause to change the actual controller of Huawen Media Investment Corporation. However uncertainties in the restructuring project were still large. For listed company, the stock of Huawen Media Investment Corporation surged to the movement up limit after the opening bell. It had stimulated the other media stocks, such as Beijing Ccid Media Investments (<a href="http://000504.sz/" target="_blank">000504.SZ</a>), Liaoning Publishing & Media (601999.SH), China Sports Group Industry (600158.SH), etc. The Media Index gained 8.13% and took the leading position today. [attach]4496[/attach][attach]4497[/attach]

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[20080618] China Afternoon Commentary-Shanghai Securities

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