Cement and coal firms push Shanghai index up

By Lydia Chen | June 23, 2011, Thursday |

Online Edition

SHANGHAI shares edged up in the morning session today on strength of coal and cement makers while developers and brokerages also contributed to the early gains.

The Shanghai Composite Index was up 0.24 percent to 2,655.70. But turnover was only 32.81 billion yuan (US$5.07 billion), indicating the morning gain might not be able to sustain.

Cement makers were the best performers this morning as an increasing demand arising from the country's massive affordable housing projects is expected to further boost prices of the construction material.

Tianyuan Lionhead Cement Co jumped 4.32 percent to 11.83 yuan. Zhejiang Jianfeng Group climbed 3.69 percent to 10.96 yuan.

Short supply of coal not only continued to push price of the commodity higher, but also buoyed share prices of coal producers.

China Shenhua advanced 1.67 percent to 29.28 yuan. Yanzhou Coal Mine Co added 0.74 percent to 34.04 yuan.

Finance

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Cement and coal firms push Shanghai index up

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