By courtesy S, D. Wong & Ca.
Wide fluctuations and brisk trad. ing, interspersed with a week of Untisual quietness, were. the out standing "feature in the Chinese Government. bond market for, the month ending April 26 when trad jing for officially terminated. "Maxi mum iuctustion exceeded six points fwhule the volume of trading reached the high mark of 200,000,000.
'The month opened on March 31, the day after the March settlement with sensational rises and volume Mous transactions which resulted only. three sessions. being held for the day' an trading consumed much more time than "usual. While. a general tone of optimism prevailed the sudden jumps recorded on th day. were" entirely" unexpected.
'The market reacted the same afternoon' as profit-taking assisted holding wp. the upward movement, Tt continued downward the ext day and. went further lower! Upon Fesumption of trading after a three-day. spring holiday.
Thereafter inactivity" sct_in_ for fully four days in succession, Busi nes picked up somewhat on the ffl Jan, bat on. the sixth day. usual week-end quietness prevailed. The Tendency, however, continued ener ally downward though losses during that week were but fractional, After a "dull, wee market ined activity chiefly due tical developments. in north Ghina which sent it toppling down with heavy losses. The bears. took Full advantage of the alarming situation" when "Chinese troops] evacuated." Ghinwangtao. They held the market for nearly three days and after having done suff: cient damage they retired in favour of the bulls who, took firm control fof the market for two days and succeeded in wiping much of the earlier losses. These alternative ules of the bears andebulls result= ed_in violent fluctuations, On the last two days "of April trading which occurred after yweelvend recess, shorts and. longs fought desperately as each tried to tun for cover before sentiment day. This battle again brought about wide" fluctuations, month terminated with heavy ti sections for both days.
lewing, the results for the fast' month, it noted that Disbandment ° maintained its old pos in" maximum fluctuations. For' both April and May, it varied above six points, [Six other issues fluctuated more than five points while even the stable 18th Year varied two and a half the violent fluctuations, comparison of the closing quot tions for the previous and. this month shows only fractional gains and losses. Six. issue advanced between.10 and.90 and four recede oda maximum of This was due to the recoveries after" each Dullish or bearish attack.
Salt Revenue again proved popu Jar both for investors and speculators. "It topped the list in points of volume of transactions, its faure being more than 44,825,000. More than 30° millions in Disbindment were transacted.
Following is a tabulation of the quotations for the month ending April 26:
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Text read from the printed page and cleaned; old type leaves the occasional error.