Shares up after rally by steel, coal firms

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November 8, 2016

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Shares up after rally by steel, coal firms

By Song Yingge | November 8, 2016, Tuesday |

Print Edition

SHANGHAI stocks closed slightly higher after coal and steel prices rallied, which analysts took as a positive benefit arising from the progress in China’s supply-side reform.

The Shanghai Composite Index added 0.26 percent to 3,133.4 points.

Coal companies such as Shaanxi Heimao Coking Co jumped by the daily limit of 10 percent to 9.12 yuan (US$1.35), as did steel investor Luyin Investment Group Co to 11.03 yuan.

Cui Qin, analyst at Cargill, a US-based commodity company, said these shares gained from the rally of domestic coal and steel prices.

Coking coal prices added 9.97 percent yesterday while coke prices rose 6.97 percent. Steel prices grew by 5.98 percent.

“It testifies that China is pushing forward the progress on supply-side reform, which investors took as opportunities to profit,” Cui said.

Yesterday, nonferrous metal companies rose 1.46 percent overall.

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Shares up after rally by steel, coal firms

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