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July 22, 2016

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Shares break losing streak to close higher

SHANGHAI stocks yesterday rose for the first time in four days, helped by steel and coal producers, which benefited from China’s production capacity reduction measures.

The Shanghai Composite Index added 0.37 percent to 3,039.01 points.

Nearly 50 percent of listed steel and coal companies said their net profits rose in the first half of the year as a result of the Chinese government-led supply-side reform and measures to cut production capacity, according to a report by Securities Daily. The report cited data that showed the output of crude steel fell 5.9 percent year on year in May.

Fangda Special Steel Technology Co jumped 4.8 percent to 5.90 yuan (88 US cents), while Fushun Special Steel Co added 1.4 percent to 7.41 yuan, and Yanzhou Coal Mining Co rose 3.2 percent to 12.66 yuan.

Yang Delong, analyst at First Seafront Fund Management Co, predicted the stock market “to see a strong rebound in the second half of the year.”


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