Resource Stocks Rise in Shanghai

123jump.com Staff
06 Apr, 2010
New York City

Resource stocks closed higher in Shanghai trading after international metals prices increased. Poly Real Estate Group Co acquires land parcel for $100 million. China Construction Bank Corp plans to raise as much as $11 billion. Hong Kong markets are scheduled to reopen today.

[R]3:00 AM Hong Kong, China – Resource stocks closed higher in Shanghai trading after international metals prices increased. Poly Real Estate Group Co acquires land parcel for $100 million. China Construction Bank Corp plans to raise as much as $11 billion.[/R]

The benchmark indexes in Shanghai closed mixed but resource stocks rallied after metals closed higher in international trading.

The CSI 300 index in Shanghai closed lower 2.20 or 0.06% to 3,405.14 and the Shanghai Composite Index increased 0.72 or 0.1% to 3,158.68.

Hang Seng Index surged 1.4% or 297.65 to 21,537.00 on Thursday close and are scheduled to reopen on Wednesday.

Resource stocks closed higher. Chia Shenhua Energy Co increased 1.1% and Jinagxi Copper Co added 1.3% and China Coal Energy gained 1.1%.

Shanghai Movers

China Construction Bank Corp plans to raise 75 billion yuan or $11 billion according local media reports and confirmed by 123jump.com. ICBC in March said it plans to raise 25 billion yuan and Bank of China is scheduled to raise 40 billion yuan in convertible bond sale.

China Shenhua Energy Company Limited added 1.0% to 29.86 yuan.

Chongqing Gangjiu Co., Ltd the transport company surged the daily limit of 10% to 14.91 yuan and Chongqing Road & Bridge Co., Ltd rose 7.8% to 13.66 yuan.

CSG Holding Co. Ltd increased 3.7% to 23.09 after the glassmaker estimated first quarter earnings of 290 million yuan, more than four times from a year ago.

Datong Coal Industry Co., Ltd the coal producer rose 2.1% to 40.16 yuan.

Gemdale Corporation the property development and distribution slipped 3.3% to 14.04 yuan.

Poly Real Estate Group Co., Ltd dropped 3.5% to 20.67 yuan after the company reported it acquired a 2.26 million-square-meter land parcel in Guiyang, Guizhou province for 871 million yuan on March 31, according to guandian.cn report on April 6.