Rail stocks push index highest in 8 months
Print Edition
SHANGHAI stocks rose to an eight-month high yesterday driven by huge gains in the high-speed train sector on news from Thailand of a major railway project that could benefit Chinese suppliers.
The Shanghai Composite Index ended up 1.74 percent at 2,223.33 points — its highest close since December 10.
Stocks with links to the high-speed rail sector soared on media reports from Thailand that Bangkok’s military government has given the green light to a US$23.3 billion plan to build two high-speed lines, which could eventually link to China.
Nanjing Kangni Mechanical & Electrical rose 9.98 percent to 10.91 yuan (US$1.76), while Jinxi Axle gained 9.96 percent to 10.60 yuan and China CNR, the country’s leading high-speed train maker, added 3.68 percent to 5.07 yuan.
Listed subsidiaries of China Everbright Group also got a boost yesterday after China Everbright Bank announced over the weekend that the government — keen to reform the ownership structure of several state enterprises — has approved the group’s restructuring.
China Everbright Bank gained 4.51 percent to 2.78 yuan on the news while Everbright Securities Co climbed 3.27 percent to close at 9.48 yuan.
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