China Railway surges 69%, may signal upbeat mood

Shares of China Railway Group vaulted 69% in debut trading on the Shanghai Stock Exchange Monday, adding to a favorable outlook for the company's Hong Kong debut Friday, and potentially signaling a turnaround after two previous initial public offerings ended in negative territory on their first trading day.
The company's Shanghai-listed shares ended at 8.09 yuan, up from its IPO price of 4.80 yuan.

The gains were in line with analysts' expectations for at least a 60% advance in the first day of trading, although they fell short of other, more spectacular recent debuts. Shanghai's Composite index traded in negative territory throughout much of the day, but rallied late in the afternoon to end little changed at 4,868.61, down 0.07%.

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- Posted: 2007-12-03 09:56:16

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