| Shanghai stocks a step closer to 5,000 marks |
SHANGHAI, Aug. 20 -- SHANGHAI stocks rose to a new high today backed by strong growth in the metal sector.
The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, rose 1.03 percent, or 50.35 points, to close at 4,955.21.
The Shenzhen Composite Index, which covers the smaller mainland stock market, rose 1.42 percent, or 19.26 points, to 1,375.28.
Aluminum Corp of China, the nation's biggest producer of the metal, rose 9.37 percent to 39.69 yuan (US$5.22) per share while Yunnan Copper, the country's third-biggest copper maker, surged 10 percent to 58.59 yuan.
Aluminum Corp of China announced yesterday that it reached an agreement with the Yunnan government to buy a 49-percent stake in Yunnan Copper.
China Unicom Ltd lost 0.98 percent to 7.07 yuan.
SK Telecom Co, South Korea's largest mobile-phone operator, will convert US$1 billion of bonds into China Unicom Ltd stock next month to become the company's second-largest shareholder.
The bonds will be turned into 899.7 million shares, or a 6.6 percent stake in China's second-largest mobile-phone carrier, on September 4, according to statements released by both companies today.
China Minsheng Banking Corp rose 5.37 percent to close at 16.29 yuan while Shanghai Pudong development Bank rose 4.31 percent to 46.90 yuan.
Industrial and Commercial Bank of China lost 0.71 percent to 7.04 yuan.
Analysts say the market will fluctuate over the next few day days, however, as investors come to terms with a pilot program announced yesterday that will allow retail investors to invest foreign currency in Hong Kong shares.
Wall Street closed mostly higher yesterday as investors appeared relieved that more bad news didn't emerge about risky mortgages and shrinking credit markets.
The Dow Jones industrials finished up 42.27, or 0.32 percent, at 13,121.35, after seeing 100-point swings higher and lower.
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