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Economy News

Steel firms, banks pull index up

SHANGHAI stocks closed at a 22-month high yesterday, bolstered by banks and steelmakers.

The Shanghai Composite Index ended at 3,447.84 points, up 0.44 percent from Friday and notched a six-day rebound to hit a peak since January 2016.

Steelmakers and banks led gainers yesterday, with Fangda Special Steel Technology Co jumping by the daily limit of 10 percent to 14.73 yuan (US$2.22), as did Jiangsu Wujiang Rural Commercial Bank Co to 10.63 yuan.

Steelmakers rose after the National Bureau of Statistics said that 76.7 percent of the domestically produced steel were used during the third quarter, up 4.4 percent from a year ago.

Banks rose after the central government decided on Friday to raise the cap on foreign stake in joint-venture financial firms to 51 percent from 49 percent.

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