Index inches north on gains by metal sector
Print Edition
SHANGHAI stocks edged up yesterday on strength in the nonferrous metal sector due to optimism about metal prices.
The benchmark Shanghai Composite Index rose 0.14 percent to 2,078.49 points.
According to Sinolink Securities, the nonferrous metal sector is poised to outperform the market as a worldwide shortage of certain metals will lead to rising prices.
Henan Zhongfu Industrial increased 10.07 percent to end at 4.92 yuan (79 US cents). Jiangxi Copper rose 3.81 percent to 13.35 yuan.
Shenyin & Wanguo Securities said the release of new shares negatively affected the growth-enterprise board, while the main board has recently shown a winning edge.
Fujian-based companies also did well yesterday as the central government recently reiterated the importance of the international shipping industry. Fujian has several key ports. Fujian Expressway Development added 5.24 percent to close at 2.41 yuan.
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