CHINA'S A-share market yesterday rocketed by more than a third of its value following the announcement of Beijing's plan to halt new issues and listings. The Shanghai A index soared 118.85 points, or 36.14 per cent, to close at 447.69, and the Shenzhen A index surged 32.78 points, up 34.42 per cent, to finish on 128.04 points. Turnover was extremely heavy. A massive 2.95 billion yuan (HK$2.64 billion) was pumped into the Shanghai stock exchange, and 1.4 billion yuan was poured into the Shenzhen market yesterday. ''It's like a volcano erupting. And it's just a bit too much,'' said Yang Jian, a broker with Shanghai Shenyin Securities. ''The surge is crazy,'' said another broker with a local brokerage. Triggering the upward spiral was the package of rescue measures the China Securities Regulatory Commission (CSRC) announced on Friday. The securities watchdog said it would halt all new issues and listings scheduled for this year and those already delayed from last year. Adding to powering the market higher, the CSRC said that, on a trial basis, it would allow foreign investors limited access to the market and would set up a viable institutional investor base by providing large securities firms with credit. ''It is all down to these measures that life came back to the market,'' said Hellena Wang, president of Ping An Insurance Company's securities department in Shenzhen. ''Beijing's move to make clear its stance of rescuing the market gives people confidence,'' said Zhang Yuyin, an analyst with Ping An. Hong Kong shares also soared yesterday, with the Hang Seng index rising 200 points, or two per cent, to 9,683. The rise was part of a region-wide surge in stock market indexes. Singapore saw the Straits Times Industrials index rise 1.7 per cent to 2,243.89. In Bangkok, the Thai Stock Exchange index rose 1.8 per cent to 1,402. The Australian All Ordinaries index finished 20.6 points, or one per cent, firmer at 2,082.1. Near the close at lunchtime London time, the London FTSE100 was up 14 points at 3,097 and at lunchtime in New York the Dow Jones Industrial Average was up eight points at 3,772. China's A-shares index, which plunged to record lows last week, has been spiralling downwards from a peak in February last year. So far this year, prices in Shanghai and Shenzhen have lost half of their value. A-shares, as opposed to B-shares for foreigners, are reserved for mainlanders. The slump, in tandem with the irregularities in the securities market, had caused panic among top leaders as it threatened to rock the fledgling securities industry. ''The Government came up with measures because it didn't want the slump to continue. But the outcome is not what it aimed to achieve,'' said one broker with a Shanghai brokerage. ''The too-rapid increase in the share prices is worrying Beijing,'' he said. Brokers expect a correction to occur in the coming days. Most said that the market had not bottomed out yet and that the effects produced by the rescue package would not last long. ''The measures are just an excuse for investors to cash in on the rising spree,'' the broker said. He said given the measures announced, there was not too much to celebrate. He said 1994 new listings had already been effectively halted because of the six-month coaching period Beijing imposed on listing candidates. Added to the impracticability of the measures, according to the broker, is that China has suffered from a credit squeeze. So providing institutions with credit to set up funds to invest in the stock market may not be feasible. ''Also, the time is just not ripe to introduce foreign funds to the domestic stock market,'' he added. The broker said that the latest rebound would not be as shortlived as early this year when a ''four-point measure'' was introduced by Liu Hongru, chairman of the CSRC. The ''four-point measure'' included suspending a plan to tax stock profits, and the listing of new scrip and stricter controls on bonus and rights issues. ''The level differs. Last time, the Shanghai A index was about 700 points, but now it's only half of that. ''The stocks now carry a much higher investment value,'' the broker said.