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Chinese shares edge up on recovering confidence

(Xinhua)
Updated: 2008-08-28 20:03

Steelmakers gained as investors bet on a steel price increase. "The steel price is likely to rebound in the following two months, boosted by increasing fixed asset investments on prospect of monetary policy relaxation," CITIC Securities analyst Zhou Xizeng said.

Related readings:  Chinese shares undercut as world crude prices rise  Shares down 2.62% amid weak market sentiment  Shares drop 3.6% on profit-taking  Shares surge 7.63%, reversing downward trend

Baosteel added 1.29 percent to 6.28 yuan. Shares of Wuhan Iron and Steel Corp. increased 1.89 percent to 7.02 yuan while Angang Steel Company stocks edged up 0.22 percent to 9.07 yuan.

Tourism shares also increased after the government announced on Wednesday that it would boost the industry in a bid to increase employment.

China United Travel gained 5.26 percent to four yuan, while Xi'an Tourism (Group) Co. rose 5.53 percent to 4.2 yuan.

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