金融英语阅读:上海全日收市-A、B股急升逾9%当局终止国有股减持
文章来源: 文章作者: 发布时间:2008-05-13 01:37 字体: [ ]  进入论坛
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英文: Shanghai shares close sharply higher on market-boosting program
A- and B-share prices closed sharply higher in heavy trade, as retail1 investors3 carried out strong buying in response to further indications that the government is launching a major program apparently4 aimed at ramping6 up share prices, dealers7 said.

Shares gained sharply on Friday following publication of an editorial in the official China Securities Journal which was apparently aimed at boosting investor2 confidence and was seen by many as confirmation8 of rumours9 that the government is implementing10 a ten-point package aimed at driving share prices higher.

This has since been followed by the publication of a similar editorial on Saturday, as well as the publication of reports that the government has given up a plan to sell off state shares via the stock market and the publication of provisional regulations raising the threshold for listed companies seeking to launch additional share offers.

All of these actions appeared to confirm the rumours of a ten-point market -boosting package, they said.

The composite A- and B-share index closed 144.59 points or 9.25 pct higher at 1,707.31 on turnover11 of 53.20 bln yuan after trading to a high of 1,709.06 and a low of 1,647.50.

The A-share index gained 150.77 points or 9.2 pct to 1,781.79 on turnover of 47.83 bln yuan after trading between 1,793.64 and 1,719.38.

The SSE-30 index rose 276.51 points to 3,145.02.

The B-share index closed 13.70 points or 9.7 pct higher at 155.44 on turnover of 648.08 mln usd after trading between 155.53 and 149.90.

Analysts13 said there had been widespread expectations that the government would step up its efforts to ramp5 up share prices after the composite index dropped below a key support level at 1,500 points, raising the risk that the market's weak fundamentals would force a sharp correction.

Many investors consider 1,500 points the market's policy bottom amid a belief that the government is not prepared to allow prices to correct below that level.

Some analysts said they believe the implementation14 of fresh market-boosting measures was motivated by a need to generate a market rally and create a generally positive atmosphere in the run-up to the Communist Party's 16th Congress in autumn.

Others said the government may merely be seeking to heighten the market's ability to channel funds to cash-strapped state enterprises, and noted15 that institutions, who tend to take a longer-term view of stock investment, appeared to be taking profits as retail investors carried out strong buying.

They also said the government may be preparing the market for the launch of several huge A-share offers by Hong Kong-listed companies including China Unicom, PetroChina and China Southern Airlines.

Guotai Junan Securities analyst12 Zhang Jun said that although the government's actions in recent days resemble moves taken in May 1999 to ramp up share prices, the conditions are different this time around, and there is now less scope for the market to mount a sharp speculative16 rally.

In 1999, the publication of an editorial in the People's Daily triggered a rally which drove the composite index up from about 1,000 points to about 1,700 points, he said.

Shares started that rally from prices at an average of about 20 times earnings17 per share, and the market received a strong boost from the injection of substantial amounts of money from banks.

However, this time around, shares are already at very high PE ratios, and tighter restrictions18 on the use of bank loans to buy shares will restrict the injection of bank money into the market, Zhang said.

At the close of trade on Friday, Shanghai and Shenzhen-listed A-shares were priced at an average of 77.08 times their 2001 earnings per share, while B-shares were at 145.91 times their EPS.

Amid lingering deflation, corporate19 earnings are likely to have deteriorated20 further in the six months to June.

Zhang noted that Friday's editorial said China's markets should not be judged by the standards applied21 to developed markets, and said this may mean that the government believes domestic stocks can trade at much higher price-to-earnings ratios than stocks on overseas markets despite their consistently weak earnings performance.

However, domestic investors still consider PE ratios as an important benchmark when making investment decisions, he said.

Zhang said he believes government attempts to boost the market may merely raise the market's bottom to about 1,600-1,700 points, and prices could simply settle at these levels following a few days of major volatility22.

DBS Securities analyst Wu Jian said events since Friday reflect a 180-degree turn in policy on the market, and said the government appears to be acting23 with a view to solving its immediate24 problems, and has left major questions unanswered regarding the implications of the policy changes.

In particular, there is now great uncertainty25 about the government's plans for the sale of its majority stakes in listed firms.

A Xinhua News Agency report said that instead of selling off state shares via the stock market, the Ministry26 of Finance will inject part of its state share holdings into the State Social Security Fund, which will derive27 income from dividends28 paid on these investments and from the sale of shares to strategic investors.

This leaves unanswered questions about whether the social security fund will be involved in the management of listed companies, and whether the government is yet prepared to face the idea of selling off majority stakes in listed firms to strategic investors.

Sinopec closed 0.32 yuan higher at 3.56 on volume of 160.9 mln shares, while Baoshan Iron & Steel was up 0.41 at 4.47 on 139 mln shares and China Merchants Bank was up 0.9 at 9.87 on 95.1 mln shares.

Sichuan Changhong gained 0.86 to 9.41 on 35.6 mln shares.

Among B-shares, Shanghai Dajiang closed 0.058 usd higher at 0.64 on 23 mln shares, while Shanghai Steel Tube rose 0.061 to 0.67 on 7.8 mln shares.

Zhejiang Southeast Electric Power rose 0.07 to 0.765 on 20.8 mln shares, while Heilongjiang Electric Power gained 0.059 to 0.645 on 8.6 mln shares


中文:上海全日收市 - A、B股急升逾9% / 当局终止国有股减持
交易员称, 国务院正式宣布暂停减持国有股后, 散户积极入市, 上海A、B股各自急升逾9%, 交投活跃。

他们指, 种种迹象显示, 政府决心支撑股市, 激发投资者入市信心。

上证综合指数全日收市升144.59, 报1,707.31, 成交532亿人民币, 波幅介乎1,647.50至 1,709.06。

A股指数升150.77, 或9.2%, 报1,781.79, 成交478.3亿人民币, 波幅介乎1,719.38至 1,793.64。

B股指数亦升13.70, 或9.7%, 报155.44, 成交6.4808亿美元, 波幅介乎149.9至155.53。

上证30指数升276.51, 报3,145.02。

上周市场传出政府将推出托市10招, 其后《中国证券报》周五发表头版评论, 强调中国市 场属「新兴」及「转轨」市场, 被视为当局有意为股市造势的证明, A、B股周五已偷步上扬。

到了周末, 媒体再刊类似评论, 财政部及中国证监也随即宣布, 停止在国内证券市场执行 《减持国有股筹集社会保障资金管理暂行办法》中, 关于利用证券市场减持国有股的规定 , 并不再推出具体的实施办法。

部分分析员预料, 在中共16大前, 当局仍会推动股市向上。



点击收听单词发音收听单词发音  

1 retail VWoxC     
v./n.零售;adv.以零售价格
参考例句:
  • In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
  • These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。
2 investor aq4zNm     
n.投资者,投资人
参考例句:
  • My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
  • The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。
3 investors dffc64354445b947454450e472276b99     
n.投资者,出资者( investor的名词复数 )
参考例句:
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
4 apparently tMmyQ     
adv.显然地;表面上,似乎
参考例句:
  • An apparently blind alley leads suddenly into an open space.山穷水尽,豁然开朗。
  • He was apparently much surprised at the news.他对那个消息显然感到十分惊异。
5 ramp QTgxf     
n.暴怒,斜坡,坡道;vi.作恐吓姿势,暴怒,加速;vt.加速
参考例句:
  • That driver drove the car up the ramp.那司机将车开上了斜坡。
  • The factory don't have that capacity to ramp up.这家工厂没有能力加速生产。
6 ramping ae9cf258610b54f50a843cc4d049a1f8     
土堤斜坡( ramp的现在分词 ); 斜道; 斜路; (装车或上下飞机的)活动梯
参考例句:
  • The children love ramping about in the garden. 孩子们喜欢在花园里追逐嬉戏,闹着玩。
  • Have you ever seen a lion ramping around? 你看到过狮子暴跳吗?
7 dealers 95e592fc0f5dffc9b9616efd02201373     
n.商人( dealer的名词复数 );贩毒者;毒品贩子;发牌者
参考例句:
  • There was fast bidding between private collectors and dealers. 私人收藏家和交易商急速竞相喊价。
  • The police were corrupt and were operating in collusion with the drug dealers. 警察腐败,与那伙毒品贩子内外勾结。
8 confirmation ZYMya     
n.证实,确认,批准
参考例句:
  • We are waiting for confirmation of the news.我们正在等待证实那个消息。
  • We need confirmation in writing before we can send your order out.给你们发送订购的货物之前,我们需要书面确认。
9 rumours ba6e2decd2e28dec9a80f28cb99e131d     
n.传闻( rumour的名词复数 );风闻;谣言;谣传
参考例句:
  • The rumours were completely baseless. 那些谣传毫无根据。
  • Rumours of job losses were later confirmed. 裁员的传言后来得到了证实。
10 implementing be68540dfa000a0fb38be40d32259215     
v.实现( implement的现在分词 );执行;贯彻;使生效
参考例句:
  • -- Implementing a comprehensive drug control strategy. ――实行综合治理的禁毒战略。 来自汉英非文学 - 白皮书
  • He was in no hurry about implementing his unshakable principle. 他并不急于实行他那不可动摇的原则。 来自辞典例句
11 turnover nfkzmg     
n.人员流动率,人事变动率;营业额,成交量
参考例句:
  • The store greatly reduced the prices to make a quick turnover.这家商店实行大减价以迅速周转资金。
  • Our turnover actually increased last year.去年我们的营业额竟然增加了。
12 analyst gw7zn     
n.分析家,化验员;心理分析学家
参考例句:
  • What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务?
  • The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。
13 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家,化验员( analyst的名词复数 )
参考例句:
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
14 implementation 2awxV     
n.实施,贯彻
参考例句:
  • Implementation of the program is now well underway.这一项目的实施现在行情看好。
15 noted 5n4zXc     
adj.著名的,知名的
参考例句:
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
16 speculative uvjwd     
adj.思索性的,暝想性的,推理的
参考例句:
  • Much of our information is speculative.我们的许多信息是带推测性的。
  • The report is highly speculative and should be ignored.那个报道推测的成分很大,不应理会。
17 earnings rrWxJ     
n.工资收人;利润,利益,所得
参考例句:
  • That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
  • Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。
18 restrictions 81e12dac658cfd4c590486dd6f7523cf     
约束( restriction的名词复数 ); 管制; 制约因素; 带限制性的条件(或规则)
参考例句:
  • I found the restrictions irksome. 我对那些限制感到很烦。
  • a snaggle of restrictions 杂乱无章的种种限制
19 corporate 7olzl     
adj.共同的,全体的;公司的,企业的
参考例句:
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
20 deteriorated a4fe98b02a18d2ca4fe500863af93815     
恶化,变坏( deteriorate的过去式和过去分词 )
参考例句:
  • Her health deteriorated rapidly, and she died shortly afterwards. 她的健康状况急剧恶化,不久便去世了。
  • His condition steadily deteriorated. 他的病情恶化,日甚一日。
21 applied Tz2zXA     
adj.应用的;v.应用,适用
参考例句:
  • She plans to take a course in applied linguistics.她打算学习应用语言学课程。
  • This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。
22 volatility UhSwC     
n.挥发性,挥发度,轻快,(性格)反复无常
参考例句:
  • That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
  • Yet because volatility remained low for so long,disaster myopia prevailed.然而,由于相当长的时间里波动性小,灾难短视就获胜了。
23 acting czRzoc     
n.演戏,行为,假装;adj.代理的,临时的,演出用的
参考例句:
  • Ignore her,she's just acting.别理她,她只是假装的。
  • During the seventies,her acting career was in eclipse.在七十年代,她的表演生涯黯然失色。
24 immediate aapxh     
adj.立即的;直接的,最接近的;紧靠的
参考例句:
  • His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
  • We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。
25 uncertainty NlFwK     
n.易变,靠不住,不确知,不确定的事物
参考例句:
  • Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
  • After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后,压力开始产生影响了。
26 ministry kD5x2     
n.(政府的)部;牧师
参考例句:
  • They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
  • We probed the Air Ministry statements.我们调查了空军部的记录。
27 derive hmLzH     
v.取得;导出;引申;来自;源自;出自
参考例句:
  • We derive our sustenance from the land.我们从土地获取食物。
  • We shall derive much benefit from reading good novels.我们将从优秀小说中获得很大好处。
28 dividends 8d58231a4112c505163466a7fcf9d097     
红利( dividend的名词复数 ); 股息; 被除数; (足球彩票的)彩金
参考例句:
  • Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
  • Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。
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