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Chinanews, Beijing, Sept 8 – On Thursday, stock market index kept rising to hit a new high of 5,400 points. By Thursday, the total capitalization in Shanghai and Shenzhen stock markets had exceeded 24 trillion yuan.
The large amount of capital flowing into the markets had pushed up the stock index to reach new highs day by day. By Thursday, the total capitalization in Shanghai stock market reached 18.61 trillion yuan and the average P/E ratio in Shanghai stock market climbed from Wednesday’s 60.3 times to 61.23 times on Thursday. In Shenzhen stock market, total capitalization had reached 5.45 trillion yuan. The total capitalization for the two stock markets had reached 24.05 trillion yuan. On July 28, 2005, total capitalization in Shanghai and Shenzhen stock markets only reached 3 trillion yuan. From then on, the total capitalization kept rising. On August 3, 2007, the capitalization topped the 20 trillion yuan mark and in the following few days, it further reached 21 trillion yuan, 22 trillion yuan, 23 trillion yuan. This month, the capitalization further has exceeded the 24 trillion yuan mark to reach 24.1 trillion yuan at the highest point. Although generally speaking, Chinese stock market is still developing soundly at present and there are no major bubbles in the stock market, there are still some structural1 bubbles in the market, says an article in the People’s Daily Overseas Edition.
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