China's two stock markets hit new records on Friday, rising around 3 per cent on the last day of trading before the markets closed for the week-long National Day holiday, according to dpa. The benchmark Shanghai Composite Index rose 2.64 per cent to end the day at 5,552.30 points, up 142.90 points. The Shanghai index fell back slightly from a record intra-day high of 5,558.80 points. Shares in the newly listed China Oilfield Services virtually tripled their value, jumping by 196 per cent. Although China Oilfield Services is not yet listed in the Shanghai index, the surge in its shares influenced overall buyer sentiment on Friday, state media said. The smaller Shenzhen Component Index gained 3.10 per cent on Friday. Market sentiment was also affected by news on Thursday that Shenhua Energy, China's largest coal producer, had raised a record 66.58 billion yuan (8.9 billion dollars) from an initial public offering (IPO) in Shanghai. Record subscriptions of 2.67 trillion yuan (355 billion dollars) had flooded in for Shenhua's IPO, and most analysts forecast a big jump in the value of the new Shenhua shares once they begin trading.
