At the annual parliament meeting Wednesday China’s Premier Li Keqiang set an economic growth of 7.5 percent. "Given that GDP growth is expected to be 7.5% for 'longer', we see this target as supportive for the Asian region, trade, and for commodity currencies," said Annette Beacher, an analyst at TD Securities in Singapore. On Thursday, the Shanghai Composite Index gained 0.3 percent to close at 2,059.58, its first increase in three days. Here is how some Asian equities reacted Thursday:
China Gerui Advanced Materials Group Ltd. (NASDAQ: CHOP) shares traded in the range of $1.10 to $1.32 Thursday before settling to close at $1.26, an increase of 15.59 percent. The stock appears to be facing some resistance at the $1.31 and $1.35 levels with some support at $1.25 and $1.19. Shares of China Gerui have gained approximately 1.0 percent year-to-date.
More information on China Gerui and access to the free equity report can be found at:
www.WallStreetFundamentals.com/CHOP
China Precision Steel, Inc. (NASDAQ: CPSL) shares traded in the range of $1.63 to $3.75 Thursday before settling to close at $3.05, an increase of 94.27 percent. The stock appears to have some support at the $2.07, $1.55, and $1.38 levels. Shares of China Precision Steel have gained approximately 5.0 percent year-to-date.
More information on China Precision Steel and access to the free equity report can be found at:
www.WallStreetFundamentals.com/CPSL
Sky-mobi Ltd. (NASDAQ: MOBI) shares traded in the range of $7.54 to $9.74 Thursday before settling to close at $9.18, an increase of 23.72 percent. The stock appears to have some support at the $7.69, $5.55, and $5.09 levels. Shares of Sky-mobi have gained approximately 145.0 percent year-to-date.
More information on Sky-mobi and access to the free equity report can be found at:
www.WallStreetFundamentals.com/MOBI
China Zenix Auto International Ltd. (NYSE: ZX) shares traded in the range of $2.45 to $2.78 Thursday before settling to close at $2.77, an increase of 14.94 percent. The stock appears to be facing some resistance at the $2.80 and $2.88 levels with some support at $2.69 and $2.54. Shares of China Zenix have gained approximately 6.0 percent year-to-date.
More information on China Zenix and access to the free equity report can be found at:
www.WallStreetFundamentals.com/ZX
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