Rare-earth sector lifts stocks
Print Edition
China stocks rebounded strongly yesterday with robust gains in the rare-earth sector.
The benchmark Shanghai Composite Index surged 1.23 percent to close at 2,905.97 points. The smaller Shenzhen Component Index soared 1.92 percent to 9,087.52 points while the blue-chip CSI300 index ended 1.35 percent higher at 3,666.78 points.
Turnover on the two major bourses expanded from the previous session to add up to 462.73 billion yuan (US$66.98 billion).
Wind Information’s sub-indexes for all industry sectors posted rises.
Stock prices of rare-earth-related firms listed on the A-share market skyrocketed after reports that China has extended the ban on imports of medium-to-heavy rare earth materials from Myanmar, which may lead to a sharp increase in the price of rare earth. Trade tension between China and the US was also a factor that lifted prices.
Shenghe Resources Holding Co, China Minmetals Rare Earth Co, Rising Nonferrous Metals Share Co and China Northern Rare Earth (Group) High-Tech Co all surged by the daily limit of 10 percent.
Rare earth materials are used in many industries including the glass industry and electronics and can be found in a variety of devices such as mobile phones, windmills and hybrid vehicles.
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