Warrants soar on trading debut

Baoshan Iron and Steel Co's warrants surged on their debut Monday as institutional investors moved to secure the first warrants traded in China since 1996. The company's warrants closed at US$0.16, 84 % higher than the reference price set by the Shanghai Stock Exchange. Analysts said this release could serve as a benchmark for what may become the world's biggest warrants market, although others blamed the soaring price on irrational speculation.