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Market Update : 
Resource Stocks Rise, Higher Metals Prices
Author: 123jump.com Staff
123jump.com
Last Update: 10:29 AM EDT April 15 2008

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Record prices in metals and crude oil lifted select stocks and brader market averages but inflation fears persisted in the market. In Hong Kong trading, Hang Seng Index rose 0.40% or 90 to 23,901.33. In Shanghai trading, CSI 300 Index rose 1.3% or 46 to 3,583.30. China expects steel demand to rise 10% to 520 million tons and domestic suppliers are expected to meet almost all the demand. Dubai based fund expects to set up a fund to invest $1 billion in China.

 
Domestic economy related stocks also rose as investors hedged their positions. HK & China Gas rose 1.6%, CLP increased 2.3%, and HK Electric jumped 1.12%.

China Merchants gained 0.6% after the company posted a 40% rise in 2007 profit.

Angang Steel slipped more than 8% after Credit Suisse downgraded the steel company to “underperform” from “neutral” but Zijin Mining Group gained 1.7%.
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