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Large-cap shares purchase helps rebound ( 2003-11-27 09:52) (China Daily)
China's shares yesterday finished on higher ground, as buying in large-cap stocks such as top steelmaker Baosteel helped the market recoup the morning's losses. The benchmark Shanghai composite index, grouping hard-currency B shares for foreigners and yuan-denominated A shares, edged up 0.25 per cent to 1,411.91 points after hovering around the key 1,400 point level. Baoshan Iron and Steel Co Ltd, the world's fourth most valuable steelmaker, was the day's most active counter, jumping 1.65 per cent to 6.78 yuan (82 US cents). Baosteel has soared 64.6 per cent since the start of the year on strong corporate prospects. The company has said it expects net profits to hold steady in 2004 after an estimated near-doubling this year due to China's economic boom. Shenzhen's shares rose 10.67 to 3,289.44 Hard currency B shares declined. Shanghai's B shares inched down 0.221 to 111.54. Shenzhen's B shares dipped 1.27 to 267.58. Index heavyweight China United Telecommunications Corp edged up 0.57 per cent to 3.52 yuan (43 US cents), while Shanghai Electric Power Co Ltd rose 2.54 per cent to 9.30 yuan (US$1.10). "The market consolidated mildly, while gains for bluechips helped ease profit-taking pressure," said analyst Yu Xiaoli of Haitong Securities. Over the past week, the Shanghai index has climbed about 7 per cent in a rebound led by bargain-hunting among tech and drug counters, after sliding almost 20 per cent since mid-April. Shandong Xinhua Pharmaceutical Co Ltd dropped 4.35 per cent to 6.6 yuan (79 US cents), making it one of the top decliners after a round of profit-taking kicked in. Analysts gave mixed opinions on the market trend. "The market is expected to extend gains after a recent consolidation, with more funds pouring in," Yu said. But analyst Simon Wang of Xiangcai Securities said the technical rebound on speculative buying could be hard to sustain in the longer term. Analysts said they saw near-term support for the Shanghai index at 1,380, and resistance at 1,450. On the foreign exchange market in Shanghai, China's yuan ended a notch weaker versus the US dollar at 8.2772, remaining at the stronger end of its managed trading range. Turnover, US$670 million on Tuesday, was temporarily unavailable. The yuan firmed to 7.5530 against 100 Japanese yen from 7.5669, but softened versus the euro to 9.7670 from 9.7632. On the futures market, Shanghai copper futures climbed yesterday, with the market closely watching whether the London Metal Exchange would surpass the key US$2,000-a-ton level before posting stronger gains, traders said. Shanghai's most active June contract rose 190 yuan (US$23) to 20,740 yuan (US$2,505) a ton, while almost all others gained 100 yuan (US$12) to 240 yuan (US$29). Volume rose to an active 139,106 lots from Tuesday's 123,334 lots. "Long position holders dominated the Shanghai market today," said a trader in Shanghai. "The market will have more room for rises if the LME is maintained above US$2,000, though we expect it to hover around that level in the near-term." LME three-month copper was quoted at US$1,981/US$1,985 a ton by 0305 GMT yesterday, largely unchanged from Tuesday's kerb close of US$1,983.50 as the market hunted for more market leads, traders said. Spot copper in Shanghai inched down to move between 20,340 yuan (US$2,460) and 20,460 yuan (US$2,470) on Wednesday. Shanghai's aluminium futures ended higher on Wednesday with almost all contracts rising by 10 yuan (US$1.20) to 200 yuan (US$24). Volume rose to 17,976 lots from Tuesday's 16,308 lots.
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