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Investors drawn to steel shares on profit gains
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SHANGHAI stocks ended generally flat yesterday, although investors were cheered by higher profits for steel firms which also saw their output rise.
The Shanghai Composite Index added 0.1 point to end at 2,326.53 points.
Investor interest in steel companies was sparked when the producers reported that gross profits for the second quarter of the year rose. Their output increased by 4.9 percent year on year, according to a joint report by Westpac Bank and Australia’s Bureau of Resources and Energy Economics.
Fangda Special Steel Technology surged by the daily maximum limit of 10 percent to 4.29 yuan (70 US cents), while Xining Special Steel skyrocketed 9.98 percent to 4.74 yuan.
“The rising steel stocks featured companies that make military products and SOEs that are currently being reformed,” said Changjiang Securities.
Graphene-related shares gained after the Ministry of Industry and Information Technology said it planned to unify research of the material as China led in the number of patents in the technology.
Yangmei Chemical Co gained 6.57 percent to 5.84 yuan while Fangda Carbon New Material Co jumped 4.57 percent to close at 11.66 yuan.
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