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China's shares closed up yesterday as investors bought large-cap stocks, targetting steel, chemical and auto counters that posted robust earnings during the just-ended results season, brokers said.

The benchmark Shanghai composite index, grouping hard-currency B shares for foreigners and yuan-denominated A shares, climbed 1.87 per cent to 1,389.545 points, retreating from a monthly high of 1,412.910. The Shenzhen index gained 59.47 points, or 1.85 per cent, to 3296.53.

Baoshan Iron and Steel Co Ltd, the world's fourth most richest steel maker, was one of the day's star performers, finishing 7.01 per cent higher at 6.41 yuan (77 US cents) after hitting a record high of 6.59 yuan (80 US cents).

Third-quarter earnings fell short of strong expectations, but analysts expect the steel giant to rack up earnings growth in excess of 64 per cent to more than 7 billion yuan (US$845 million) in 2003.

China's largest maker of polyester, Sinopec Yizheng Chemical Fibre Co, surged its daily limit of 10 per cent to 5.02 yuan (61 US cents).

Index heavyweight Shanghai Automotive Co Ltd gained 5.26 per cent to a record high of 13.81 yuan (US$1.67) after a 140-per-cent surge in third-quarter net profit on booming demand.

"Strong earnings have sparked a sharp rally in steel, auto and petrochemical stocks, but quick profit-taking in the afternoon dampened gains," said analyst Wu Zhaohui of Changjiang Securities.

The steel and chemical industries - some of the most direct beneficiaries of economic growth - are enjoying a construction and manufacturing boom on the back of a 9.1-per-cent expansion of gross domestic product in the year to the third quarter.

Despite yesterday's rally, the Shanghai index is still 14.8 per cent lower from mid-April, hit by factors including a tightening of bank loans and an overloaded IPO pipeline.

A shortfall of funds could prevent the market from staging a wider rebound as institutions ready cash before end-of-year book settlements, analysts said.

They predicted the Shanghai index would stay rangebound in the near term, with resistance seen at 1,400 points and support pegged at the year's low of 1,311.684 points.

Shanghai copper futures tumbled yesterday as investors took profits from a market that has recently outperformed LME to hit all-time highs amid concerns regulators would crack down on overheating futures exchanges.

Shanghai's May contract, which replaced April contracts as the most active yesterday, fell 490 yuan (US$59.18) to 21,620 yuan (US$2,611), while most other contracts fell between 300 yuan (US$36.2) and 500 yuan (US$60.4). Volume dropped off a little to 356,608 lots from Monday's hefty 382,144 lots.

"Shanghai copper fell further than LME because of Monday's announcement that reserve requirements on major futures exchanges will be hiked by two percentage points in order to ease risk," said a trader in Shanghai, adding that reserve requirements currently exclude copper.

"Investors are jittery about the impact such a hike could have if the same rule was applied to the copper futures market so many of them have chosen to get out."

China's yuan ended unchanged versus the US dollar at 8.2767 yesterday, near the stronger end of its managed trading range.

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