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Agbank trades on Shanghai stock market

07-15-2010 19:18 BJT

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The Agricultural Bank of China, or Agbank, has listed on the Shanghai stock exchange. The Agbank's debut follows years of planning and preparation and completes its transformation from technical insolvency to a sprawling giant with assets of around 1.2 trillion dollars and a customer base of 320 million.

A clang of a gong marks the opening of trading for the Agricultural Bank of China on the Shanghai stock market. It's now the forth state-owned bank in China to float its shares.

The Agbank's shares were up 1.1 percent to 2.70 yuan in morning trading on Thursday, versus its IPO price of 2.68 yuan.

Analysts say they are now watching to see how the stock market will perform after such a massive listing.

Major Teng, Chief Analyst of Everbright Securities Co. Ltd., said, "We are paying attention to the effects of the listing of such a major stock because it is practically looking to absorb funds from the secondary market. So the key for us is to pay attention to how this would affect the stock market overall."

Investors around the country watched the debut of the Agbank, looking for signs the listing would raise the beleaguered stock market.

But Teng does not expect the listing to change the dynamics of the bear market in Chinese stocks this year.

"Its listing does not change the factors causing this market correction, so we feel that this listing only changes the rhythm and pace of the stock market operation." Major Teng said.

The Chinese A-shares market closed lower on Thursday, with the benchmark Shanghai Composite Index down 1.87 percent to end at 2,424.3 points.

Agbank has a 5.3 percent weighting in the index, making it the third-biggest component of the index.

The Agriculture Bank of China debuts in Hong Kong on Friday.

Editor:Zheng Limin |Source:

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