News Room - Business/Economics

Posted on 13 Jun 2008

China shares higher in early trade led by steelmakers, airlines

China shares were higher in early trade on a technical rebound, with steelmakers and airline stocks leading the gains, dealers said.

At 9:52 am, the benchmark Shanghai Composite Index was up 17.69 points or 0.60 pct at 2,975.23.

Jinan Iron & Steel rose 3.86 pct oto 12.90 yuan. It said first half net profit is expected to rise by over 50 pct year-on-year on higher prices for its steel products.

Wuhan Iron & Steel gained 3.45 pct to 13.20 yuan after its board approved the purchase of a 11.55 pct stake in Pingdingshan Coal Co, parent of listed Pingdingshan Tianan Coal Mining, for 1.5 bln yuan.

Baoshan Iron & Steel (Baosteel), the largest steelmaker in China, was up 1.47 pct at 11.02 yuan.

Air China added 2.77 pct to 10.39 and China Eastern Airlines gained 2.38 pct to 8.59. China Southern Airlines rose 2.56 pct to 8.83 yuan.