Bullish investors boost shares to fresh 7-year high
Print Edition
SHANGHAI stocks closed at a fresh seven-year high yesterday, as investors were positive on infrastructure construction firms and China’s plans for the nuclear power industry.
The Shanghai Composite Index rallied 2.93 percent to close at 4,657.60 yesterday. The index has risen over 8 percent this week, its biggest weekly gain since last December.
Infrastructure builders were given a boost when the National Development and Reform Commission approved rail projects worth 450 billion yuan (US$73 billion) this week.
Shanghai Shentong Metro Co surged 9.99 percent to 19.70 yuan as did Shanghai Tunnel Engineering Co to 17.61 yuan, China Communications Construction Co rallied 4.95 percent to 20.36 yuan. and Guangshen Railway Co rose 4.46 percent to 6.56 yuan.
Investors were also bullish on the nuclear sector as China plans to have 30 million kilowatts of nuclear power capacity by the end of this year, the China Nuclear Energy Association said on Thursday.
China plans to increase its nuclear power capacity to 58 million kilowatts by 2020, a surge of 170 percent over the current level. This increase in capacity may require 100 billion yuan of investment every year.
Datang International Power Generation Co rose 3.80 percent to 7.93 yuan, and Shenergy Co gained 3.12 percent to 10.24 yuan.
Meanwhile, China has signed taxation agreements with 99 countries to avoid goods being taxed twice as they cross borders, prevent tax evasion and cut business costs and cross-border taxation risks, said a senior official of the State Administration of Taxation on Thursday.
The move is also expected to boost China’s “Belt and Road” initiative to foster overseas business links.
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