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Shanghai index up on stronger rare earth and steel firms
By Feng Jianmin |
April 21, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose for the second day led by rare earth producers and steel makers.
The benchmark Shanghai Composite Index was up 0.65 percent, or 19.63 points, to close at 3026.67. Turnover was 148.3 billion yuan (US$ 22.7 billion).
Rare earth producers rallied after a Hong Kong-based service company China Customs Statistics today revealed that China's first quarter exports of the metal eight folds than last year.
Inner Mongolia Baotou Steel Rare-earth Hi-tech Co jumped 5 percent to 88.92 yuan. Shares of TCL Corp jumped 6.4 percent to 5.8 yuan before its shares were suspended from trading after noon break on news that the company will obtain the rights to exploit the world's largest rare earth mine in Xinjiang Uygur Autonomous Region.
Jinan Iron & Steel Co and Laiwu Steel Co led the gainers in the steel sector. Both companies jumped by the daily limit of 10 percent for the seventh consecutive days on speculation that the merger between the two companies may boost profitability. They resumed trading last Wednesday after releasing plans that Jinan Iron &Steel Co will acquire Liwu Steel Co by exchanging shares.
A report by China Iron & Steel Association said that prices will pick up under growing demand and inflation. Baoshan Iron & Steel rose 1 percent to 7.34 yuan.
Brokers grew on speculation that strong trading will boost companies' earnings. A Bohai Securities' report said that trading on the mainland stock market in the first quarter grew 16.5 percent from last year to 13.5 trillion yuan, and shares of brokers are under-priced.
GF Securities climbed 2 percent to 38.74 yuan. CITIC Securities rose 2.1 percent to 14.48 yuan.
The benchmark Shanghai Composite Index was up 0.65 percent, or 19.63 points, to close at 3026.67. Turnover was 148.3 billion yuan (US$ 22.7 billion).
Rare earth producers rallied after a Hong Kong-based service company China Customs Statistics today revealed that China's first quarter exports of the metal eight folds than last year.
Inner Mongolia Baotou Steel Rare-earth Hi-tech Co jumped 5 percent to 88.92 yuan. Shares of TCL Corp jumped 6.4 percent to 5.8 yuan before its shares were suspended from trading after noon break on news that the company will obtain the rights to exploit the world's largest rare earth mine in Xinjiang Uygur Autonomous Region.
Jinan Iron & Steel Co and Laiwu Steel Co led the gainers in the steel sector. Both companies jumped by the daily limit of 10 percent for the seventh consecutive days on speculation that the merger between the two companies may boost profitability. They resumed trading last Wednesday after releasing plans that Jinan Iron &Steel Co will acquire Liwu Steel Co by exchanging shares.
A report by China Iron & Steel Association said that prices will pick up under growing demand and inflation. Baoshan Iron & Steel rose 1 percent to 7.34 yuan.
Brokers grew on speculation that strong trading will boost companies' earnings. A Bohai Securities' report said that trading on the mainland stock market in the first quarter grew 16.5 percent from last year to 13.5 trillion yuan, and shares of brokers are under-priced.
GF Securities climbed 2 percent to 38.74 yuan. CITIC Securities rose 2.1 percent to 14.48 yuan.
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