March 10, 2010 (Chinavestor) - U.S.-based financial holding company Morgan Stanley has raised its shareholding in Aluminum Corp of China Ltd (Chalco) (SHA:601600) (HKG:2600) (NYSE:ACH) to 6.28% from 5.81% on March 5, according to the bourse operator Hong Kong Exchanges and Clearing (HKEx) (HKG:0388).HKEx said in a statement that Morgan Stanley has acquired 23.058 million H-shares in Chalco for a not disclosed price.
Resource and commodity stocks are lucrative based on valuation. Shares of Aluminum Corp. of China (NYSE:ACH) recovered in 2009 but were trading sideways in 2010 so far. Assuming economy and construction activity will remain robust in China for the rest of the year, steel and aluminum prices are expected to firm up, making a case for Chalco.
H-shares of Chalco soared 3.80% to end at HK$8.19 on the following trading day, March 8, Monday.
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