Angang New Steel rose a stronger than expected 4.29 per cent in its first day of trade yesterday, despite talk the shares might fall below their issue price due to lack of interest. The issue generated a cool response from potential investors when it was launched. Some shares offered to the public remained unsold, but the sale of 7.5 per cent of the company to China Everbright might have spurred some investor enthusiasm. The stock closed up seven cents at $1.70, after hitting an intra-day high of $2 in the morning. The company, which produces cold rolled steel sheets, wire rods and thick plates, offered 890 million H shares last week at $1.63 each.