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Wan LixinOpinion deputy editor of Shanghai Daily
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Media firms help shares close higher
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SHANGHAI shares edged up yesterday following gains made by media companies.
The Shanghai Composite Index added 0.06 percent to end at 3,415.46 points.
Shanghai LongYun Advertising & Media Co Ltd hit the maximum 10 percent daily cap while Chinese Universe Publishing & Media Co Ltd gained 8.34 percent to 21.18 yuan (US$3.20).
Iron and steel firms also climbed, with Shanghai Hongda Mining Co Ltd rising 3.09 percent and Xinyu Iron & Steel Co Ltd advancing 2.71 percent.
Shares related to Qihoo 360 such as Shandong Tyan Home Co Ltd, which has indirectly invested US$89.71 million in the online security company, and elevator maker SJEC Corp extended their rally to surge by the daily limit of 10 percent.
Qihoo 360 said last week it was planning a backdoor listing on the Shanghai bourse after agreeing a 50 billion yuan deal with SJEC Corp.
Healthcare shares fell, with Zhejiang Huahai Pharmaceutical Co Ltd losing 5.37 percent and Zhangzhou Pientzehuang Pharmaceuticl Ltd shedding 3.03 percent to 67.50 yuan.
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