China shares firmer in early trade led by nonferrous metals

China shares were firmer in early trading led by nonferrous metal stocks, dealers said.

At 10:11 am, the benchmark Shanghai Composite Index was up 3.28 points or 0.17 pct at 1,940.42.

Jiangxi Copper (SHA 600362; HK 0358) rose 4.92 pct to 12.16 yuan.

China Railway Group (SHA 601390; HK 0390) rose 2.30 pct to 5.77 yuan. Its subsidiaries won five construction contracts worth a combined 25.01 bln yuan.

Shanghai Electric Group (SHA 601727; HK 2727) was up 1.06 pct at 6.65 yuan, with investors ignoring the company's 2008 earnings projection cut of 10-13 pct from an earlier estimate of 2.97 bln.

Beijing Capital (SHA 600008), which invests in public infrastructure projects, rose by the 10 pct daily limit to 5.04 yuan on news that Industrial and Commercial Bank (other-otc: CBDP.PK - news - people ) of China's Beijing branch will provide mergers and acquisitions funding to the company.

China Construction Bank (CCB) (SHA 601939; HK 0939) fell 0.76 pct to 3.94 yuan after news that Bank of America (nyse: BAC - news - people ) is selling more than 5.62 bln shares in the Chinese lender at 3.92 hkd apiece in a placement handled by Merrill Lynch (nyse: MER - news - people ) and UBS (nyse: UBS - news - people ).

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