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Shanghai stock rise led by steel makers
By Leo Zhang |
November 24, 2009, Tuesday
|
Online Edition
Online Edition
SHANGHAI shares edged up in the morning session, led by large steel makers on expectations that the industry is set to have more mergers and acquisitions next year.
The Shanghai Composite Index, which tracks the bigger mainland bourse, was up 0.11 percent to close at 3,342.28. However, losers outnumbered gainers by 547 against 271.
Baoshan Iron & Steel Co, the country's biggest steel producer, jumped 5.30 percent to 8.36 yuan (US$1.22). Wuhan Iron & Steel Co soared 4.64 percent to finish the morning at 8.79 yuan.
"The central government has made it clear that the steel industry will be consolidated next year," said Luo Minglei, a China Galaxy Securities trader. "Big players will benefit from M&As."
Financial chips were mixed. Industrial and Commercial Bank of China, the country's top lender, lost 0.18 percent to 5.46 yuan. Bank of China, the No.2 lender, added 0.46 percent to 4.37 yuan.
China Life Insurance Co, the nation's biggest life insurer, eased 0.28 percent to 32.21 yuan while Ping An Insurance (Group) Co, the second largest, advanced 0.78 percent to 59.59 yuan.
The Shanghai Composite Index, which tracks the bigger mainland bourse, was up 0.11 percent to close at 3,342.28. However, losers outnumbered gainers by 547 against 271.
Baoshan Iron & Steel Co, the country's biggest steel producer, jumped 5.30 percent to 8.36 yuan (US$1.22). Wuhan Iron & Steel Co soared 4.64 percent to finish the morning at 8.79 yuan.
"The central government has made it clear that the steel industry will be consolidated next year," said Luo Minglei, a China Galaxy Securities trader. "Big players will benefit from M&As."
Financial chips were mixed. Industrial and Commercial Bank of China, the country's top lender, lost 0.18 percent to 5.46 yuan. Bank of China, the No.2 lender, added 0.46 percent to 4.37 yuan.
China Life Insurance Co, the nation's biggest life insurer, eased 0.28 percent to 32.21 yuan while Ping An Insurance (Group) Co, the second largest, advanced 0.78 percent to 59.59 yuan.
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