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Shanghai shares surge due to the national plan of Xiongan
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SHANGHAI shares posted the biggest daily gain in eight months today, buoyed by optimism over the central government’s decision of launching a new economic area in Heibei Province as an equal to Shanghai’s Pudong New Area and Shenzhen’s Special Economic Zone.
The Shanghai Composite Index jumped 1.48 percent to 3,270.31 points at the close, with more than 30 shares of related firms surging by the daily limit.
Cement producer and developer Beijing Building Materials Group was among the biggest movers of the day, as its shares soared 10 percent daily limit to 5.13 yuan (US 74 cents) as soon as morning session started.
Harbor operator Tianjin Port Co and good trading company Langfang Development Co both jumped to the ceiling of 10 percent to 12.94 yuan and 18.23 yuan respectively.
The government announced on Saturday its plans of setting up Xiongan Special Economic Zone, which is some 100 kilometers away from the capital Beijing, describing it as "a thousand year project" and a key movement to take over parts of functions from Beijing.
The plan was positioned as parallel to Pudong New Area in Shanghai and Special Economic Zone in Shenzhen, both of which have now become the country's manufacturing hub and major financial center.
Sentiment was lifted by potential investment opportunities concerning the long-term development of Heibei Province, which is expected to integrate further with Beijing and nearby Tianjin to create a powerful economic zone.
"We estimate that the potential infrastructure investment of Xiongang will reach 56.3 billion yuan in the next two years, and surge to 1.9 trillion yuan by 2030," Li Yimin, senior equity researcher at Shenwan Hongyuan Securities Co, said in a telephone conference on Tuesday. "We shouldn't overstate the short-term impact, but should value the profound influence of the plan."
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