Cosco Shipping Holdings' share price closed at its highest level in 13 years on Thursday as stock investors turned bullish on Asian firms involved in container and dry bulk shipping.
State giant China Cosco Shipping’s box arm saw its Shanghai-listed stocks surge by 10% to CNY 25.03 ($3.92), a level last seen in mid-2008.
Chinese brokerage CSC Financial raised Cosco Holdings’ target price to CNY 38, saying its share price is supported by buoyant container shipping rates.
