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Chinese shares rise to one-month high, driven by non-ferrous metal

(Xinhua)
Updated: 2009-09-15 16:48

The benchmark Shanghai Composite Index gained 0.23 percent, or 6.99 points to finish at 3,033.73. The Shenzhen Component Index edged up 0.43 percent, or 53.18 points, to end at 12,438.24.

Aggregate turnover slightly shrank to 253.84 billion yuan ($37.17 billion) from 256.37 billion yuan on the previous trading day.

Gainers outnumbered losers by 535 to 305 in Shanghai and 484 to 244 in Shenzhen.

Related readings:  Chalco shares fall on report of H1 losses of $515m  Experts say tire tariffs could worsen US-China trade relations  Obama Imposes Tariffs of 35% on Chinese Tire Imports

Shares of the non-ferrous metal producers gained on rising prices. The Aluminum Corp of China Ltd (Chalco) gained 4.5 percent to 15.1 yuan. Henan Yuguang Gold and Lead Co, Ltd surged by the daily limit of 10 percent to 23.97 yuan. Henan Zhongfu Industry Co, Ltd also rose by the daily 10 percent limit to 22.19 yuan.

Shares of tiremakers gained despite of the US government's decision to impose a special tariff on tire imports from China. Double Coin Holdings Ltd soared by its daily 10 percent limit to 20.91 yuan after the company said the tire tariff case would not affect its second-half profit.

Guizhou Tire Co climbed 4.41 percent to 15.61 yuan after it announced the case would not hurt profits as the case-involved products only accounted for 1.56 percent of its turnover in the first seven months this year.

Aeolus Tire Co was up 3.5 percent to 13.29 yuan.