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Steel companies rise in Shanghai trading, index almost unchanged
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SHANGHAI stocks barely changed today, with the benchmark Shanghai Composite Index edging up 0.1 points to reach 2,326.53. Steel counters rose.
The optimism in steel companies was due to a rise in gross profits for the second quarter of the year. The total output in the industry had risen by 4.9 percent year-on-year.
Fangda Special Steel Technology jumped by the daily maximum limit of 10 percent to 4.29 yuan (70 US cents), while Xining Special Steel skyrocketed 9.98 percent to 4.74 yuan.
Graphene-related shares benefited from government policies to boost the sector. China’s Ministry of Industry and Information Technology is planning to unify research of the material, with China leading the number of patents in the sector.
Yangmei Chemical gained 6.57 percent to 5.84 yuan, while Fangda Carbon New Material added 4.57 percent to 11.66 yuan.
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