| Banks, steel push stocks higher |
SHANGHAI, Aug. 30 -- WIDESPREAD growth in banking and steel sectors helped Shanghai stocks to recoup from yesterday's decline.
The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, rose 1.14 percent, or 58.46 points, to close at 5,167.88.
The Shenzhen Composite Index, which covers the smaller mainland stock market, rose two percent, or 28.20 points, to 1,439.80.
Industrial and Commercial Bank of China, the country's biggest lender, climbed 1.34 percent to 6.80 yuan (90 US cents) per share after the bank said it has agreed to buy 79.9 percent of Macau's Seng Heng Bank for 4.68 billion patacas (US$582million), its second overseas acquisition.
Shanghai Pudong Development Bank rose 2.08 percent to 52.96 yuan and Huaxia Bank, which is partly owned by Deutsche Bank AG, rose 1.41 percent to 20.10 yuan.
Xinjiang Bayi Iron & Steel Group continued yesterday's strong growth jumping 10 percent to 12.49 yuan and Inner Mongolia-based Baotou Steel Union Co rose 5.77 percent to 8.25 yuan.
Guangdong Midea Electric Appliances Co slumped 3.6 percent to 34.50 yuan after Midea said in a statement today that Goldman Sachs Group Inc's plan to buy a 10.7-percent stake was blocked by the China Securities Regulatory Commission.
The non-ferrous metal sector plunged from earlier earnings on valuation concerns.
Aluminum Corporation of China Ltd lost 8.08 percent to 51.53 yuan and Inner Mongolia-based Baotou Aluminum Co plunged 9.83 percent to 61.27 yuan.
Zhongjin Gold, China's largest publicly traded gold miner by market value, rose 7.5 percent to 109.80 yuan.
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