| Metal pushes Shanghai stocks to new high |
SHANGHAI, Aug. 27 -- SHANGHAI stocks rose to a new high today driven by strong growth in the metal sector.
The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, rose 0.83 percent, or 42.45 points, to close at 5,150.12.
The Shenzhen Composite Index, which covers the smaller mainland stock market, rose 0.2 percent, or 2.88 points, to 1,434.15.
Inner Mongolia-based Baotou Aluminum Co rose by the daily 10-percent limit 10 to close at 63.01 yuan (US$8.32) a share, while Aluminum Corp of China also rose 10 percent to 50.62 yuan.
Yunnan Copper rose 9.83 percent to 72.05 yuan and Jiangxi Copper rose 9.98 percent to 41.53 yuan.
Northeast Securities Co, which recently went public by buying control of Liulu Industrial Co, soared on the first trading day after a seven-month suspension of its stock.
Shares of Northeast Securities, based in Changchun City in Jilin Province, jumped 246.4 percent to 51.70 yuan. The stock traded at 16.34 yuan on January 24 before trading was halted.
China Unicom Ltd, the country's second-biggest mobile-phone operator, rose 6.01 percent to 7.41 yuan.
China Citic Bank Co jumped 8.64 percent to 12.57 yuan a share.
Huaxia Bank, which is partly owned by Deutsche Bank AG, was unchanged at 20.42 yuan. The lender said first-half profits surged 34 percent from the same period last year to one billion yuan.
China Merchants Bank lost 2.02 percent to 38.25 yuan and Shanghai Pudong Development Bank lost 1.27 percent to 52.01 yuan.
Analysts said over the weekend that Shanghai shares may face severe downward pressure this week over concerns that last week's record jump in the benchmark index has left valuations too high.
The benchmark increased during all five sessions last week, shrugging off the central bank's decision on Wednesday to hike interest rates. It breached the psychologically important 5,000 mark on Thursday and topped 5,100 on Friday.
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