Wednesday, September 8, 2010

Chinese Rare Earth Stocks Limit Up in Weak Chinese Markets

From CapitalVue:
Chinese Markets Turn In Mixed Performances
The Shanghai Composite Index lost 3.07 points or 0.11% to close at 2,695.29 points today on transaction value of 131.837 billion yuan.

The Shenzhen Composite Index gained 40.08 points or 0.34% to close at 11,722.78 points today on transaction value of 121.47 billion yuan.

Qinghai Salt Lake Potash (000792, 63.57, +4.56%) and Qinghai Salt Lake Industry Group (000578, 28.71, +5.94%) recorded gains on news that Sinochem Group has invited Temasek Holdings to jointly acquire Canadian fertilizer maker Potash.

Stocks of companies from the rare-earth and permanent magnet sectors outperformed. A number of stocks rose by their daily limits, including Minmetals Development (600057, 20.12, +10.01%), Inner Mongolia Baotou Steel Rare-Earth (600111, 67.27, +10.01%) and China Nonferrous Metal Industry' (600758, 19.88, +10.22%)....

We have quite a few posts on Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co.: 

"Mining hordes invade Mongolia, the 'Kuwait of Central Asia'" and "Hong Kong a good market for Mongolian IPOs"