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Railway firms help Shanghai index up
By Ye Zhen |
September 6, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks inched up this morning, bolstered by railway-related stocks, as the central government has given green light to 25 subway construction proposals, as part of its plan to stabilize the nation's economy.
The key Shanghai Composite Index edged up 0.05 percent, or 1.04 points, to 2,038.72 points. Turnover stood at 23.1 billion yuan (US$3.7 billion) by the noon break.
The National Development and Reform Commission, China's top planning body, yesterday announced on its website that it has given approvals to development plans of 25 subway construction projects, 23 of which involve a total investment of 832.6 billion yuan, the Securities Times reported today.
The construction of inter-city railways and urban subways will boost fixed-asset investment and also promote the development of related industries, an analyst was cited by the Securities Times.
Railway builders and related suppliers benefited from the news. China Railway Erju Co soared 6.5 percent to 6.40 yuan. China Railway Construction Co jumped 4.2 percent to 4.49 yuan.
Jinxi Axle Co, a provider of railway parts, surged by the daily limit of 10 percent to 10.74 yuan. China CNR Co, the nation's leading train manufacturer, increased by 3.6 percent to 3.50 yuan. CSR Corporation Ltd added 3.4 percent to 4 yuan.
Lenders remained weak as investors were pessimistic about their profitability outlook. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.5 percent to 3.68 yuan. China Merchants Bank fell 0.6 percent to 9.65 yuan. Bank of Communications dived 0.7 percent to 4.16 yuan.
The key Shanghai Composite Index edged up 0.05 percent, or 1.04 points, to 2,038.72 points. Turnover stood at 23.1 billion yuan (US$3.7 billion) by the noon break.
The National Development and Reform Commission, China's top planning body, yesterday announced on its website that it has given approvals to development plans of 25 subway construction projects, 23 of which involve a total investment of 832.6 billion yuan, the Securities Times reported today.
The construction of inter-city railways and urban subways will boost fixed-asset investment and also promote the development of related industries, an analyst was cited by the Securities Times.
Railway builders and related suppliers benefited from the news. China Railway Erju Co soared 6.5 percent to 6.40 yuan. China Railway Construction Co jumped 4.2 percent to 4.49 yuan.
Jinxi Axle Co, a provider of railway parts, surged by the daily limit of 10 percent to 10.74 yuan. China CNR Co, the nation's leading train manufacturer, increased by 3.6 percent to 3.50 yuan. CSR Corporation Ltd added 3.4 percent to 4 yuan.
Lenders remained weak as investors were pessimistic about their profitability outlook. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.5 percent to 3.68 yuan. China Merchants Bank fell 0.6 percent to 9.65 yuan. Bank of Communications dived 0.7 percent to 4.16 yuan.
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