Brokerages, metal producers pull shares up
Print Edition
SHANGHAI stocks edged up yesterday as investors pursued nonferrous metal producers and brokerages.
The Shanghai Composite Index gained 0.58 percent to close at 2,779.53 points.
The interest rate cut by the People’s Bank of China will reduce debt loads for nonferrous metal producers, Yunnan Lincang Xinyuan Germanium Industry Co said in a statement. The company predicted the lower interest the producers have to pay on their loans may boost the profitability of the sector by 3 percent.
Jiangxi Copper Co, Henan Yuguang Gold & Lead, Western Mining all surged by the daily limit of 10 percent to 17.25 yuan (US$2.81), 15.02 yuan and 8.34 yuan respectively.
Brokerages also continued to arouse the interest of investors.
Everbright Securities rose 8.5 percent to 23.23 yuan, Founder Securities jumped 7.63 percent to 11.71 yuan, and China Merchants Securities gained 3.41 percent to 21.53 yuan.
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