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Shanghai stocks buoyed by 833b yuan subway plan
By Ye Zhen |
September 6, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks advanced today after the central government approved the city's 25 subway projects in a bid to stimulate spending and revitalize the economy.
The benchmark Shanghai Composite Index gained 0.7 percent to close at 2051.92 points. Turnover was 42.7 billion yuan (US$6.8 billion) at the trading close.
The National Development and Reform Commission, China's top planner, said yesterday that it has given approval to the city's plan for 25 subway construction projects, involving more than 833 billion yuan, the Securities Times reported today.
The construction of subways and inter-city rails will boost fixed-asset investment and benefit related industries, an economist told the Securities Times.
Stocks of railway builders and suppliers were bolstered by the news. China Railway Erju Co soared 8.5 percent to 6.52 yuan. China Railway Construction Co rose 4.2 percent to 4.49 yuan. Jinxi Axle Co, a railway equipment supplier, jumped by the daily limit of 10 percent to 10.74 yuan. China CNR Co, a leading train manufacturer, gained 4.4 percent to 3.53 yuan. CSR Corporation Ltd added 4.4 percent to 4.04 yuan.
Guangfa Securities said the new round of investment in infrastructure works will spur demand for cement. Anhui Conch Cement Co, China's largest cement producer, climbed 2.4 percent to 13.70 yuan. Gansu Qilianshan Cement Group Co rose 3.8 percent to 9.60 yuan.
China Minsheng Banking Corp led the increase among lenders, adding 3.8 percent to close at 5.68 yuan. The bank's stewards held a teleconference to answer questions about operation after its stock price plunged to an 11-month low yesterday.
The benchmark Shanghai Composite Index gained 0.7 percent to close at 2051.92 points. Turnover was 42.7 billion yuan (US$6.8 billion) at the trading close.
The National Development and Reform Commission, China's top planner, said yesterday that it has given approval to the city's plan for 25 subway construction projects, involving more than 833 billion yuan, the Securities Times reported today.
The construction of subways and inter-city rails will boost fixed-asset investment and benefit related industries, an economist told the Securities Times.
Stocks of railway builders and suppliers were bolstered by the news. China Railway Erju Co soared 8.5 percent to 6.52 yuan. China Railway Construction Co rose 4.2 percent to 4.49 yuan. Jinxi Axle Co, a railway equipment supplier, jumped by the daily limit of 10 percent to 10.74 yuan. China CNR Co, a leading train manufacturer, gained 4.4 percent to 3.53 yuan. CSR Corporation Ltd added 4.4 percent to 4.04 yuan.
Guangfa Securities said the new round of investment in infrastructure works will spur demand for cement. Anhui Conch Cement Co, China's largest cement producer, climbed 2.4 percent to 13.70 yuan. Gansu Qilianshan Cement Group Co rose 3.8 percent to 9.60 yuan.
China Minsheng Banking Corp led the increase among lenders, adding 3.8 percent to close at 5.68 yuan. The bank's stewards held a teleconference to answer questions about operation after its stock price plunged to an 11-month low yesterday.
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