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Chinese shares up 0.24%, steel stocks rise

(Xinhua)
Updated: 2009-03-18 15:54

Chinese equities rose 0.24 percent on steel and iron stocks rises.

The benchmark Shanghai Composite Index added 0.24 percent, or 5.40 points, to 2,223.73. The Shenzhen Component Index rose 0.91 percent, or 76.10 points, to 8,465.96.

Related readings:  Hong Kong stocks close 1.86% higher  Chinese shares up 0.45% at midday led by material producers  NASDAQ expects more IPOs at year's end  Shares rise 3% on more stimulus hopes

Gains outnumbered losses by 561 to 231 in Shanghai and 476 to 196 in Shenzhen.

Combined turnover was 194.3 billion yuan ($24.89 billion), up from 170 billion yuan on the previous trading day.

Coal shares gained across the board as crude prices continued to gain and closed above $49 a barrel, the highest price in the past three months. This led investors to believe rising oil prices would boost demand for alternative resources, analysts said.

Stocks of Anhui-based SDIC Xinji Energy Company rose by daily limit of 10 percent to 10.19 yuan. Shanxi Guoyang New Energy Co closed at 15 yuan, up 5.78 percent.

The rising crude prices also lifted oil stocks. PetroChina edged up 0.09 percent to 10.91 yuan.

The steel sector saw rises as the Shanghai Stock Exchange tested operations of futures transactions of two types of steel products Wednesday. Preparations for steel futures will be completed by March 25.

Both Gansu Jiu Steel Group and Liaoning-based Bengang Steel Plates Co rose 9.98 percent. Their shares closed at 7.27 yuan and 6.06 yuan, respectively.

The textile and garment sector advanced, as investors were encouraged by media reports that the government may further lift tax rebates for the industry in a detailed support plan.

Sinotex Investment and Development Co gained 4.91 percent to 4.7 yuan. Ningxia Zhongyin Cashmere Co was up 6.32 percent to close at 6.06 yuan.

The majority of medical care stocks gained on media reports that detailed methods of China's medical reform would be released. Chengdu Hoist Inc was up 9.95 percent to 8.07 yuan. Wuhan Jianmin Pharmaceutical Group rose 6.36 percent to 7.02 yuan.