A share holder is having lunch before a stock index board in Hefei April 11, 2007. The benchmark Shanghai Composite Index closed at 3,500 points after blasting through 3,400 points on Tuesday.(Xinhua Photo) Photo Gallery>>>

    BEIJING, April 11 (Xinhua) -- Chinese shares continued their record setting pace, soaring to yet another record high on Wednesday, with the benchmark Shanghai Composite Index nearing the 3,500 after blasting through 3,400 points on Tuesday.

    The key stock indicator, which tracks both A- and B-shares, peaked at 3,497.52 points and ended the day at 3,495.22, up 1.48 percent over the previous close. It rose 50.93 points on Wednesday with turnover of 157.819 billion yuan (20.5 billion U.S. dollars).

    The Component Index on the Shenzhen Stock Exchange also gained 101.10 points to close at 9753.77 points on a transaction volume of 83.936 billion yuan (10.9 billion U.S. dollars).

    The combined turnover for the two bourses also set a new high of 241.755 billion yuan (31.4 billion U.S. dollars). Turnover on Tuesday was 232.853 billion yuan (30.2 billion U.S. dollars) which was the previous record.

    The Shanghai stock exchange recorded 456 gainers and 374 losers, with 62 shares unchanged, while the Shenzhen exchange saw 331 gainers and 253 losers, with 72 shares unchanged. Banking, steel and nonferrous metal shares again lead the way.

    With the Shanghai index continuing to post record highs, analysts with Shenyin Wanguo Securities say a correction can be expected.

    Other analysts, however, believe the bullish trend will be maintained, backed by the growing national economy.

    On Wednesday, the Hushen 300 Index, which tracks stocks on the Shanghai and Shenzhen stock exchanges, closed at 3,121.32 points, up 39.75 points from the previous close.

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