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Railway builders, coal firms lift shares
Print Edition
SHANGHAI stocks rose to a 39-month high yesterday as railway construction companies and coal producers rallied strongly.
The Shanghai Composite Index gained 1.37 percent to 2,567.6 points.
The National Development and Reform Commission yesterday approved a total investment of 66.24 billion yuan (US$10.79 billion) to construct four railways in different regions across China to inject vigor into a slowing economy.
It is the sixth group of railway construction projects whose accumulated investment exceeded 900 billion yuan that the NDRC has approved since October 16.
Taiyuan Heavy Industry rose by the daily limit of 10 percent to 6.44 yuan, Gem-Year Industrial surged 9.98 percent to 18.51 yuan while Jinxi Axle jumped 5.09 percent to 26.44 yuan.
The higher demand for coal as winter approaches helped spark a rise in shares of coal producers.
Yanzhou Coal Mining jumped 6.82 percent to 9.55 yuan, Shanxi Coal International Energy Group gained 5.48 percent to 5.39 yuan, while Yang Quan Coal Industry climbed 4.05 percent to close at 7.45 yuan.
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