SHANGHAI stocks rebounded to a three-month high yesterday amid gains made by coal mining and nonferrous metal companies following their “better-than-expected” mid-year performance, analysts said.
The Shanghai Composite Index gained 1.36 percent to end at 3,230.98 points.
Out of the 18 listed coal companies, 14 of them reported profit growth as of Wednesday, while 58 of the 67 nonferrous metal companies, which have released mid-year earnings reports, predicted growth or reversed losses.
“That bolstered the stock market momentum,” said Gu Yongtao, analyst at Cinda Securities.
Yunnan Coal & Energy Co jumped by the daily limit of 10 percent to close 5.47 yuan (81 US cents), as did Henan Yuguang Gold & Lead Co to 8.31 yuan yesterday.