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Steel and Energy Lead Shanghai Index Past 2,900 Points

Steel and Energy Lead Shanghai Index Past 2,900 Points

Write: Ekala [2011-05-20]

Steel and Energy Lead Shanghai Index Past 2,900 Points


The Shanghai Composite Index inched up 0.85 percent or 24.66 points to close at 2,923.90 points today on transaction value of 160.07 billion yuan.

The Shenzhen Component Index rose 1.36 percent or 173.29 points to close at 12,884.87 points today on transaction value of 118.58 billion yuan.

The steel sector led today s gainers. All the steel stocks gained today. Fangda Special Steel Technology (600507, 7.25, +5.38%) was the biggest gainer from this sector. It recorded an 818.18 percent year-on-year surge in 2010 net profit to 301 million yuan. Pangang Group Steel Vanadium & Titanium (000629, 12.

86, +4.98%) jumped by its daily limit (5 percent) on the news that it won the nod of the Australian Foreign Investment Review Board (FIRB) for its asset swap involving the Australian assets of its effective controller, Anshan Iron and Steel Group Corporation. In addition, Baoshan Iron & Steel (600019, 7.

38, +2.79%) raised the prices for its steel products for March by 200-600 yuan per ton.

Energy stocks too outperformed. HeiLongJiang HeiHua (600179, 11.27, +5.03%) extended yesterday s gains to jump by its daily limit (5 percent). Shanxi Lu'an Environmental Energy Development (601699, 60.18, +5.26%), Beijing Haohua Energy Resource (601101, 48.48, +4.73%), and Jizhong Energy Resources (000937, 41.91, +4.23%) all rose by more than 4 percent today. China Petroleum & Chemical Corporation (600028, 9.27, +0.87%) edged up 0.87 percent, while PetroChina (601857, 11.70, -0.09%) dipped today.

Led by Rising Nonferrous Metals Share (600259, 69.20, +10.00%), the nonferrous metals sector gained today. China Nonferrous Metal Industry's Foreign Engineering and Construction (000758, 31.75, +6.51%), Xiamen Tungsten (600549, 47.31, +5.23%) and Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech (600111, 73.62, +5.07%) all increased by more than 5 percent. Suzhou Lopsking Aluminum (002333, 15.24, +0.46%) recorded a 33.55 percent year-on-year decline in 2010 net profit to 66.23 million yuan.

Brokerages performed better than insurers and banks. Fifteen public listed brokers generated operating revenue of 3.73 billion yuan in January, down 69.18 percent month-on-month. The Pacific Securities (601099, 12.22, +4.53%) and Industrial Securities (601377, 16.89, +2.18%) gained most amongst the brokerages, followed by CITIC Securities (600030, 13.

99, +1.16%), Haitong Securities (600837, 10.30, +1.08%) and Changjiang Securities (000783, 13.10, +1.00%). Six banks ended with losses today, including China Construction Bank Corporation (601939, 4.90, -0.81%), China Minsheng Banking Corporation (600016, 5.14, -0.77%) and Shanghai Pudong Development Bank (600000, 12.

96, -0.54%).

Food and beverage companies lagged behind today s gainers. Tonghua Grape Wine (600365, 10.44, -5.00%) dropped by its daily limit. It became a special treatment (ST) stock effective today as it recorded losses for two straight years. Guangxi Nanfang Foodstuff Stock (000716, 11.03, -1.16%) and Henan Shuanghui Investment & Development (000895, 86.65, -1.47%) dropped by more than 1 percent. Sichuan Swellfun (600779, 21.32, +0.61%) intends to invest 2.283 billion yuan in a factory and in an alcohol technology improvement project in Chengdu, Sichuan province. Lontrue (300175, 23.56, +9.99%), which debuted yesterday, soared by its daily limit today.

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