Shares rise on higher profit view

Source: Xinhua | 2017-01-19

SHANGHAI stocks edged up yesterday as some industrial heavyweights forecast higher profits for 2016.

The Shanghai Composite Index added 0.14 percent to 3,113.01 points.

Baoshan Iron & Steel Co rose 2.3 percent after it said profit in 2016 soared about 770 percent from the previous year. Other steelmakers also benefited from government measures to cut overcapacity in the industry. Wuhan Iron & Steel added 4.11 percent.

Airlines also rose as there would be more traffic with the approach of the Spring Festival. Air China gained 2.27 percent, and Hainan Airlines rose 0.61 percent.

But the upcoming Spring Festival holiday has clouded investment sentiment and impacted turnover, China International Capital Corp said in a note yesterday.