JPMorgan retains "buy" rating on Maanshan Steel's H shares

Published: 05 Nov 2009 01:08:10 PST

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Nov. 5, 2009 (China Knowledge) - U.S.-based financial holding company JPMorgan Chase & Co has again assigned a rating of 'buy' for H shares of Maanshan Iron & Steel Co Ltd<600808><0323>, and has set the target price at HK$5.6 per share, sources reported.

JPMorgan said in a statement that steel prices are expected to bounce back next year fueled by growing demand for steel products.

Statistics from the Hong Kong Exchanges and Clearing<0388> showed that JPMorgan has raised stake in the steel maker to 8.44% on Oct. 23.

The bourse operator said in a statement that JPMorgan has acquired 11.66 million H shares in Maanshan Steel for HK$60.41 million. The average price of the share transaction stood at HK$5.18 apiece.