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China Stocks Rise for Ssecond Day Tuesday
Aug 8,2012 08:45CST
industry news
China's stocks rose for a second day on Tuesday, led by non-ferrous metal and oil companies.

BEIJING, Aug. 8 -- China's stocks rose for a second day on Tuesday, led by non-ferrous metal and oil companies.

The benchmark Shanghai Composite Index moved up 0.13 percent, or 2.7 points, to close at 2,157.62, while the Shenzhen Component Index rose 0.19percent, or 17.06 points, to close at 9,229.27.

Gainers outnumbered losers 672 to 242 in Shanghai and 1,102 to 360 in Shenzhen.

Combined turnover on the two bourses rose to 129.31 billion yuan (20.53 billion U.S. dollars) from 127.74 billion yuan the previous trading day.

Non-ferrous metal companies rallied after Zijin Gold Mining Co. said it had made a preliminary proposal to purchase at least a 50-percent stake in Australia's Norton Gold Fields, which has 185 tonnes of gold reserves and produced 4.7 tonnes of gold last year.

Zijin Gold Mining jumped 6.12 percent to close at 3.99 yuan per share, while Gansu Ronghua Industry Group Co. advanced 1.85 percent to finish at 8.24 yuan per share.

Rare earth metal producers also performed well after the Ministry of Industry and Information Technology on Monday set up a minimum production threshold for rare earth producers, aiming to protect the country's rare earth resources and the environment.

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. rose 3.04 percent to close at 42.72 yuan.

Shares of oil and chemical companies gained on rising global oil prices. Sinopec, the country's largest oil producer, climbed 0.34 percent to close at 6.12 yuan per share.



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