Jan. 24, 2007 (China Knowledge) - The total turnover on Shanghai and Shenzhen Stock Exchanges hit a record high on Tuesday at RMB 160 billion. The Shanghai bourse surged to RMB 110.69 billion after it broke RMB 100 billion on Monday, while the Shenzhen bourse reported a RMB 55.11 billion turnover on Tuesday.

The Shanghai Composite Index climbed 2949.14 points, continuing Monday’s record. The Shenzhen Component Index reached a record high of 8392.24 points but closing at 8311.26 points, down 0.38%.

Led by the market heavyweights of ICBC and Bank of China, all banking shares rose, with stocks of China Minsheng Bank, Shanghai Pudong Development Bank and Huaxia Bank growing to the upward limit of 10%.

Another blue chip, China Life Insurance, did not continue its previous strong performance in Shanghai Stock Exchange on Tuesday, and slumped by 6.04% to RMB 44.03.