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Steel firms and brokers rise in Shanghai
By Feng Jianmin |
April 21, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session led by steel makers and brokers.
The benchmark Shanghai Composite Index was up 0.69 percent, or 20.61 points, to close at 3027.64. Turnover was 84.6 billion yuan (US$ 12.3 billion), slightly higher than yesterday morning's 80.5 billion yuan.
Jinan Iron & Steel Co and Laiwu Steel Co both jumped by the daily limit of 10 percent for the seventh consecutive days on speculation that the merger between the two companies may boost profitability. They resumed trading last Wednesday after releasing plans that Jinan Iron & Steel Co will acquire Liwu Steel Co by exchanging shares.
A report by China Iron & Steel Association said that prices will pick up under growing demand and inflation. Baoshan Iron & Steel jumped 1.7 percent to 7.39 yuan.
Brokers rallied on speculation that strong trading will boost companies' earnings. A Bohai Securities' report said that trading on the mainland stock market in the first quarter grew 16.5 percent from last year to 13.5 trillion yuan, and shares of brokers are under-priced.
GF Securities climbed 3.9 percent to 39.47 yuan. CITIC Securities rose 2.6 percent to 14.55 yuan.
The benchmark Shanghai Composite Index was up 0.69 percent, or 20.61 points, to close at 3027.64. Turnover was 84.6 billion yuan (US$ 12.3 billion), slightly higher than yesterday morning's 80.5 billion yuan.
Jinan Iron & Steel Co and Laiwu Steel Co both jumped by the daily limit of 10 percent for the seventh consecutive days on speculation that the merger between the two companies may boost profitability. They resumed trading last Wednesday after releasing plans that Jinan Iron & Steel Co will acquire Liwu Steel Co by exchanging shares.
A report by China Iron & Steel Association said that prices will pick up under growing demand and inflation. Baoshan Iron & Steel jumped 1.7 percent to 7.39 yuan.
Brokers rallied on speculation that strong trading will boost companies' earnings. A Bohai Securities' report said that trading on the mainland stock market in the first quarter grew 16.5 percent from last year to 13.5 trillion yuan, and shares of brokers are under-priced.
GF Securities climbed 3.9 percent to 39.47 yuan. CITIC Securities rose 2.6 percent to 14.55 yuan.
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