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Rare stock rally on nuclear plans
By Lydia Chen |
September 21, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI stock market posted a rare rally in the morning session with the benchmark index jumping more than 2 percent after a report stated that China would resume approvals for new nuclear power plants next year.
The Shanghai Composite Index added 2.18 percent to 2,501.13. Turnover climbed to 37.8 billion yuan (US$9.52 billion).
The news was a boon for the nuclear power sector and China First Heavy Industry Co hiked 9.94 percent to 3.98 yuan. Dongfang Electric Corp jumped 9.06 percent to 23.48 yuan. Shanghai Electric Group Co climbed 9.56 percent to 9.19 yuan.
A report about the safety situation at Chinese nuclear power facilities has been submitted to the State Council and will soon be released to the public, China Securities Journal reported today, citing unidentified sources.
The country was revising its nuclear power safety regulation and was expected to release new plans by the end of this year, the newspaper said.
Approvals for building new nuclear power facilities, which were halted after Japan's nuclear power plant crisis in March, was expected to resume early next year, it added.
New projects will be required to use reactor technology offered by Westinghouse Electric Corp and Areva SA under China's nuclear safety plan that may be out for public opinion at the end of this year, according to the report.
The Shanghai Composite Index added 2.18 percent to 2,501.13. Turnover climbed to 37.8 billion yuan (US$9.52 billion).
The news was a boon for the nuclear power sector and China First Heavy Industry Co hiked 9.94 percent to 3.98 yuan. Dongfang Electric Corp jumped 9.06 percent to 23.48 yuan. Shanghai Electric Group Co climbed 9.56 percent to 9.19 yuan.
A report about the safety situation at Chinese nuclear power facilities has been submitted to the State Council and will soon be released to the public, China Securities Journal reported today, citing unidentified sources.
The country was revising its nuclear power safety regulation and was expected to release new plans by the end of this year, the newspaper said.
Approvals for building new nuclear power facilities, which were halted after Japan's nuclear power plant crisis in March, was expected to resume early next year, it added.
New projects will be required to use reactor technology offered by Westinghouse Electric Corp and Areva SA under China's nuclear safety plan that may be out for public opinion at the end of this year, according to the report.
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