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February 10, 2017

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Construction firms send shares up

SHANGHAI shares yesterday rose to a two-month high after the government signaled it would increase efforts to improve the construction materials sector.

The Shanghai Composite Index gained 0.51 percent to 3,183.18 points, its highest level since December 9.

Construction shares gained after Xu Lejiang, vice minister of industry and information technology, said China would step up supply-side reform in the construction materials sector.

China State Construction Engineering Corp, the country’s largest home builder, gained 0.34 percent to 8.87 yuan (US$1.29).

Blue-chip shares will continue to rise as companies are expected to report solid increase in business amid a more stable economy, UBS Securities Co said in a report.


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