Bank of China rose the first day of accumulated wealth by billions of investor.

<P> Bank of China (3988.HK) millions of investors yesterday to send a big gift on the first day or up to 15.25%, so the book value of shares yesterday, investors and the overall increase of 115 million. .Market participants believe that the first day of the Bank of China rose more than expected, the trend has attracted close attention in the future. .</ P> <P> investors pleasantly surprised </ P> <P> "wow! Three four!? Very, very well!" When the reporter informed the Council just finished the Bank of China Hong Kong Mr. Sun Lidong the first day of closing .Price, who with a series of two "very" to describe the joy was palpable. .</ P> <P> SUN move that, while first-day gain exceeded expectations, but are not ready to throw the stock, and will be long-term holding. .Previously, he was listed in the Bank of China, they also subscribed to shares, holding about 1 times earnings so far, "I hope there will be three years after the Bank such returns!" He said. .</ P> <P> According to Hong Kong brokerage parties, money has attracted many investors to follow up the effects of purchase, retail investors are still enthusiastic for the Bank sought after. .</ P> <P> two major factors driving the surge </ P> <P> Hong Kong's Hang Seng Index yesterday fell 1.34%, H-share index has come down, the Construction Bank and Bank of Communications fell 0.74% and 1.55%. .Market views that stood out the first day of the Bank of China, rose against the market trend, mainly from two factors support. .</ P> <P> recently FTSE Asia Pacific marketing director Tim Nicholls said the Bank of China to immediately become eligible for the FTSE China Index constituent stocks, the market expects Morgan Stanley index constituent stocks will soon be incorporated into the Bank of China. .KGI Securities analyst Caitie Kang pointed out that Hong Kong, was selected as the relevant index, many index funds will be raised in proportion to subscribe for shares in Bank of China shares, which attract a lot of money early intervention. .</ P> <P> In addition most of the buying may be from some institutional investors. .Placing the Bank in the open "for everyone", many institutional investors allocated a very low percentage, so active in the secondary market bid to alleviate the shortage of supply. .</ P> <P> yesterday to 3.4 Hong Kong dollars and Bank of China, and its 2006 forecast to 2.4 times book value, and CCB 2006 2.3 times book value similar to those predicted. .Market participants believe that investors generally believe that the positioning of BOC and CCB quite. .From now on view, both the stock may also be a greater correlation. .</ P> <P> large sell order from time to time throw </ P> <P> Despite enthusiastic buying of funds, in particular, many retail investors have to recover after the opening bell yesterday, the high, but many large selling disc emission .also elicited concern. .</ P> <P> morning, the Bank made several rooms there were millions of sell orders, this trend has increased the afternoon, about half past two, when the stock price recently Mogao 3.375 Hong Kong dollar, there has been a 1300 .shares of sell orders, and then sell 740 million shares traded single to 3.375 Hong Kong dollars, 100 million or more sell orders are not uncommon. .</ P> <P> Capital Securities analyst Chen Song En believe that these large sell order could be a number of institutional investors should do. .According to reports, taking into account the Bank has not exercised over-allotment option, a number of closely related with the lead underwriter clients may choose to throw at a high level, followed by the offer price of the shares purchased over-allotment. .</ P> <P> some market participants said the current price of Bank of China, 06-year forecast of about 2.4 times book value, while CCB is 2.3 times, 2.6 times the cross-behavior. .From the earnings perspective, the Bank of China in 2006 was 25 times forecast earnings, while the CCB is about 18 times, 21 times to pay act. .In contrast, the Bank of China is currently facing selling pressure can not be ignored. .</ P> <P> valuation, capital market outlook, the decision to </ P> <P> Hong Kong investors had expected the trend after the listing of Bank of China or China Construction Bank and Bank of similar. .Bank of listing in June last year, up 13% on the first day, followed by six months to run rampant in the three dollar development effort up to the closing price of the recent rise rise doubled. .The China Construction Bank listed on the end of October last year, the case of the market adjustment, there is no increase in the initial listing, or even slightly below the issue price was two months after the initial rise, now up more than 40%. .However, the first day of the performance of the Bank of China has changed to some extent the market expected the Bank of China late Going space can be difficult and cross the line and the China Construction Bank. .</ P> <P> Chen Song En that the medium to long term, the Bank will gradually trend upward, medium-term valuation positioned 3.7 to 3.8 million. .However, the short-term trend is uncertain. .He believes that the Bank of China shares rose after the listing, indicating that the market demand. .With the over-allotment option exercise, will be an increase of about 38 million new shares, which may be a short-term selling pressure factor. .Tai Fook Securities research department noted that the Bank intends to issue A shares in the mainland, but also will result in H shares or stock taking. .(Nathalie) </ P>.