by Courtesy S..D: Wang & Ca.
Although nervousness was apparent in the Chinese Government bond market during the week ending March 18, the general bullish tendency prevailed and every issue was firm through the week. The market was active throughout with the volume of transactions for the six days totalling 51,120,000.
The gains for the weak were fairly, evenly distributed, ranging between 20 (Salt Revenue, April). and (9th Year Customs, March), the exception of 18th Year Customs and, Reorganisation which only moved up 60. Consolidated "Tax Jed in the widest tions with 235, 20th Year [Customs close second with 2.30 while the least wax made by 6 per cent. Consolidated for Sult Revenue its figure being 11,67 pared with the next largest, Disbandment, 8,565,000, and the least, Vath, Year Customs, 615,000.
The market opened on Monday with a continuation of the upward movement that marked the latter part of the previous week. Trading was brisk and gains were made by every issue, Although " slight renc~ tion set in on Tuesday morning, the tendency continued upward in the afternoon and carried over to the next day. The usual midweek weakness was noticed on Thursday and Friday, generally attributed to sensi tive Teactions to rumours. The week ended firm, however, as the upward (rend wax resumed Saturday.
It ix "generally believed thet Ufe strength of the market is due in zo small measure to the lange numer of shorts, With bulla active, the market is gradually forced up which soon "alarmed the shorts. Their attempts to cover further added momentum' to. the upward movement. As outstanding sharis are still numerous, it may' be expected that the firmness will be maintained for at least another week.
Following ix a tabulation of the market for the week ending: March 18, 1982:
Last Compar- Pluctu> Transac> lowe lon 120,000
Text read from the printed page and cleaned; old type leaves the occasional error.