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August 8, 2017

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Shares rise after 3 days of decline

SHANGHAI shares ended higher yesterday led by strong performance of steel firms and non-ferrous metal companies.

The Shanghai Composite Index gained 0.53 percent to end at 3,279.46 points, while turnover shrank to 231.8 billion yuan (US$34.5 billion).

After falling for three days, Shanghai stocks rebounded yesterday, lifted strongly by the iron and steel industry which gained nearly 5 percent.

Fangda Steel rose 9.99 percent to 13.87 yuan, Angang Iron & Steel rose 9.53 percent to 7.70 yuan, and Liuzhou Iron & Steel jumped by the daily limit of 10 percent to close at 6.15 yuan.

Non-ferrous metal firms also gained, with Northern Rare Earth adding 9.99 percent to 19.15 yuan, and Xiamen Tungsten rising 9.05 percent to finish at 33.99 yuan.

Insurance firms, military companies and brokerages, however, dropped.


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