Shares in Cosco Pacific steamed ahead yesterday on speculation the company might be preparing to sell shares in the US in order to buy assets from its parent company.

Cosco, which later made an announcement saying the reports were unfounded, picked up 15 cents to $6.10, extending its gains over the past five trading days to 7.96 per cent.

The stock gained heavily last week in a red-chip rally that started after an investment bank issued warrants on a basket of red-chip stocks. Analysts said Cosco was also attracting buyers on a rumour that throughput at the company had picked up over recent months.