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Index adds the most in 4 weeks
By Lydia Chen |
September 22, 2011, Thursday
|
Print Edition
Print Edition
SHARES in Shanghai gained the most in four weeks yesterday, sending the key index 2.7 percent higher to end above 2,500 points with turnover almost doubling from that in each of the previous three sessions.
The Shanghai Composite Index added 2.7 percent to 2,512.96 points, the biggest advance since August 25. Turnover climbed to 88.2 billion yuan (US$13.82 billion) from 47.9 billion yuan on Tuesday.
The rebound in large-cap energy and financial counters boosted the across-the-board rally while the nuclear power sector led the gains after a report said China would resume approval for new nuclear power plants as early as the start of next year.
China First Heavy Industry Co rose by the daily cap of 10 percent to 3.98 yuan. Dongfang Electric Corp jumped 7.06 percent to 23.05 yuan. Shanghai Electric Group Co climbed 8.5 percent to 6.13 yuan.
The China Securities Journal reported yesterday, citing unidentified sources, that the government was revising its nuclear power safety regulations and may unveil them by the end of this year.
The government may resume early in 2012 approval for the building of new nuclear power facilities, which were halted after Japan's nuclear power plant crisis in March, it added.
New projects will have to use reactor technology offered by Westinghouse Electric Corp and Areva SA under China's nuclear safety plan for which public opinion will be sought at the end of the year, according to the report.
UBS Securities forecast yesterday the Chinese mainland's stock market to fall in the fourth quarter due to slowing economic growth and weaker corporate earnings.
"Liquidity will continue to be tight in the last three months of this year, and companies, especially developers, are facing the risks of how to cut their high inventory stockpiles," the leading investment bank said in a note.
The Shanghai Composite Index added 2.7 percent to 2,512.96 points, the biggest advance since August 25. Turnover climbed to 88.2 billion yuan (US$13.82 billion) from 47.9 billion yuan on Tuesday.
The rebound in large-cap energy and financial counters boosted the across-the-board rally while the nuclear power sector led the gains after a report said China would resume approval for new nuclear power plants as early as the start of next year.
China First Heavy Industry Co rose by the daily cap of 10 percent to 3.98 yuan. Dongfang Electric Corp jumped 7.06 percent to 23.05 yuan. Shanghai Electric Group Co climbed 8.5 percent to 6.13 yuan.
The China Securities Journal reported yesterday, citing unidentified sources, that the government was revising its nuclear power safety regulations and may unveil them by the end of this year.
The government may resume early in 2012 approval for the building of new nuclear power facilities, which were halted after Japan's nuclear power plant crisis in March, it added.
New projects will have to use reactor technology offered by Westinghouse Electric Corp and Areva SA under China's nuclear safety plan for which public opinion will be sought at the end of the year, according to the report.
UBS Securities forecast yesterday the Chinese mainland's stock market to fall in the fourth quarter due to slowing economic growth and weaker corporate earnings.
"Liquidity will continue to be tight in the last three months of this year, and companies, especially developers, are facing the risks of how to cut their high inventory stockpiles," the leading investment bank said in a note.
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