0337 GMT [Dow Jones] China Paper (C71.SG) bucks market after company says utilization rate for newly added paper chemical facilities exceeded 90% from June to August; shares +6.8% at S$0.235 vs FTSE ST All Share index down 0.4%. China-based paper and paper chemical products maker has invested approximately CNY80 million in additional production facilities to double its paper chemical production capacity. Says new facilities generate additional revenue and position company for future expansion. Adds, new coated paper production facilities on track to complete in 3Q10, reiterates long-term target to reach paper production capacity of at least 350,000 tons per annum vs current 180,000 tons. Chart shows decent traded volume, suggests buying interest has some momentum, though order book quotes suggest near-term resistance at year-to-date high of S$0.245.
Dow Jones Newswires
September 24, 2009 23:37 ET (03:37 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
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