SHANGHAI, Aug. 6 -- SHANGHAI stocks marched to a new high today backed by strong growth in the steel and metal sectors.

The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, gained 67.33 points, or 1.48 percent, to close at 4,628.11.

The Shenzhen Composite Index, which covers the smaller mainland stock market, rose 26.96 points, or 2.04 percent, to 1,350.37.

Baoshan Iron & Steel Co, the country's biggest steel maker, gained 6.51 percent to finish at 14.88 yuan (US$1.97) per share.

Wuhan Iron & Steel Co jumped 8.13 percent to 14.49 yuan and Angang Steel surged 5.31 percent to 26.57 yuan.

The nation's 77 large- and medium-sized steel companies doubled their profit in the first half to a combined 78.3 billion yuan from a year ago, Luo Bingsheng, vice chairman of the China Iron and Steel Association, said last week in Beijing.

Hangxiao Steel Structure Co slumped 5.93 percent to 23.30 yuan after it resumed trading following a one-week suspension.

The company said on Saturday that its multibillion-US-dollar project in Angola was delayed due to risks and uncertainties.

The metals sector reported widespread growth.

Jiangxi Copper, China's second-biggest copper producer, sailed 9.99 percent to 35.23 yuan and Aluminum Corp of China surged 10.01 percent to 30.45 yuan.

Yunnan Copper, the country's third-biggest copper maker, rallied 8.82 percent to 58 yuan. Western Mining Co soared 8.09 percent to 55.16 yuan.

The banking sector reported mixed fortunes today.

China Merchants Bank rose 1.88 percent to 33.62 yuan and Shanghai Development Bank climbed 1.83 percent to 45.04 yuan.

The Industrial and Commercial Bank of China shed 0.34 percent to 5.80 yuan and the Bank of Communications lost 0.73 percent to 12.27 yuan.

Observers noted that the market is still in the middle stage of a bullish cycle and advised investors to take a long-term view toward stock trading.