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November 26, 2009

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Home » Business » Finance

Steel, gold spur local market

SHANGHAI'S key stock index rose slightly more than 2 percent yesterday, rebounding from its biggest daily loss in almost three months, as steel and gold stocks soared.

The benchmark Shanghai Composite Index gained 66.64 points to close at 3,290.16. Turnover shrank to 218 billion yuan (US$32.1 billion) from 290.8 billion yuan the previous trading day.

"We expect sustained economic growth will remain the keynote at the central economic work conference to be held at the end of this month. The stimulus measures are not expected to turn around in the near term," Huashang Fund Management Co said, referring to an upcoming state planning session. "We continue to be optimistic about the domestic economy."

Steel producers remained strong after major mills raised steel futures for December delivery and on expectations that consolidation among the industry will boost profitability.

Baoshan Iron & Steel Co shares soared 8.5 percent to 8.93 yuan. Xinjiang Ba Yi Iron & Steel Co advanced 8.4 percent to 14.67 yuan. Wuhan Iron and Steel gained 5 percent to 8.83 yuan.

Gold producers advanced on soaring bullion prices. Shandong Gold Mining Co jumped by the 10 percent daily cap to 84.39 yuan. Zijin Mining Group Co, the country's largest gold producer, expanded 6.5 percent to 10.98 yuan. Zhongjin Gold Corp, the second-biggest by market value, gained 5.4 percent to 63.93 yuan.

Haitong Securities Co, the nation's second-biggest brokerage, rose 3.4 percent to 16.11 yuan as it resumed trading after buying a controlling stake in Taifook Securities.

Among property stocks, Gemdale Corp rose 1.4 percent to 16.32 yuan, Poly Real Estate Group inched up 0.4 percent to 26.37 yuan and Shanghai Lujiazui Finance & Trade Zone increased 0.8 percent to 27.75 yuan.


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