BIZCHINA / Center |
Shanghai stock index gains(Shanghai Daily)Updated: 2007-03-06 13:38 Shanghai stock index advanced, led by Citic Securities Co after a newspaper reported that the brokerage plans to sell shares in Hong Kong.
Anhui Tongdu Copper Stock Co led copper producers lower after futures prices of the metal fell to the lowest in more than a week in New York, according to Bloomberg. The Shanghai Composite Index, which tracks the bigger of mainland stock exchanges, added 0.5 percent to 2,799.06 at mid-day break. The Shenzhen Composite Index, which covers the smaller one, rose 0.1 percent to 726.44. Citic Securities, China's biggest publicly traded brokerage, rose 1.61 yuan (21 US cents), or 4.6 percent, to 36.86. Citic plans to sell shares in Hong Kong and may become the first mainland-based securities company to list overseas, according to the China Securities Journal, a publication affiliated with Xinhua News Agency. Hunan Valin Steel Tube & Wire Co jumped by the 10 percent
daily cap after the company said it plans to raise 2.3 billion yuan selling new
shares to fund expansion. The stock surged 0.55 yuan to 11 yuan. Existing
shareholder Arcelor Mittal, the world's biggest steelmaker, will buy 49.33
percent of the 520 million shares Hunan Valin plans to sell at 4.47 yuan each,
the Chinese company said in a statement today.
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