Bloomberg reported Xiamen Tungsten Co. (SHA:600549) rose to the highest in more than a month after the company said it will accelerate development of its rare earth business.
As quoted in the market news:
The stock jumped by the 10 percent daily limit to 46.06 yuan, the highest close since June 20. China’s benchmark Shanghai Composite Index added 0.2 percent.
The southeastern province of Fujian asked the company to take a leading role in helping to promote development of the region’s rare earth industry, Xiamen Tungsten said in a statement to Shanghai’s stock exchange late yesterday. Fujian wants to consolidate the industry by the end of this year and to foster a rare-earth company with 20 billion yuan ($3.1 billion) of output by 2015, the company said.