Power companies boost shares higher
Print Edition
SHANGHAI stocks edged up yesterday, helped by power firms likely to benefit from government reforms to create a more open electricity market.
The Shanghai Composite Index gained 0.87 percent to 4,480.46 points.
China will reform prices in the energy sector, especially regarding electricity, in 2015, the National Energy Administration said.
The cost and price of electricity transmission and distribution will be monitored, the NEA said, adding that the market will determine the price. It also said clean energy will be encouraged.
Monopolies in energy supply sectors will be broken to open the market to competition. The NEA said it would supervise more closely power suppliers, the quality of the electricity supplied, service levels, price and other charges.
Inner Mongolia Mengdian Huaneng Thermal Power Corp, Huadian Power International Corp, Huadian Energy Co and GD Power Development Co all increased by the 10 percent daily limit to close at 6.55 yuan (US$1.06), 9.63 yuan, 8.22 yuan and 6.91 yuan respectively.
Companies in the Beijing-Tianjin-Hebei area also benefited as the central government has approved rules to coordinate development of the region.
Beijing Dalong Weiye Real Estate Development Co, BBMG Corp and Lucky Film Co all rallied by the 10 percent daily limit to 7.43 yuan, 14.03 yuan and 19.54 yuan respectively.
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