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Energy, metal shares elevate Shanghai index
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SHANGHAI stocks inched up this morning, helped by rising energy and metal shares, but Everbright Securities continued to languish.
The key Shanghai Composite Index erased its early loss, adding 0.08 percent to 2,074.27 points at the noon break. Half-day turnover was 42 billion yuan (US$6.9 billion).
Coal producers led the market up. Shanxi Lu'an Environmental Energy Development Co rose 2.3 percent to 13.39 yuan. Anyuan Coal Industry Group Co climbed 3.9 percent to 5.01 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co gained among metal producers, rising 2 percent to 30.20 yuan. Xiamen Tungsten Co added 1.1 percent to 30.39 yuan.
Most Asian shares traded lower this morning as investors were waiting for the minutes of a US Federal Reserve policy meeting due later today which may decide when the Fed will scale back its bond purchase program.
“A panic selloff across Asian markets might weigh on investor sentiment, but the relatively cheap valuation would help A shares to stay attractive,” said Chen Li, head of China equity strategy at UBS Securities.
Everbright slumped 5 percent to 10.36 yuan, on top of a 10 percent plunge yesterday, as the broker was blamed for wild fluctuations of the Shanghai market last Friday due to a glitch in its trading system.
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