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Shanghai stocks ride on transport, green cars
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SHANGHAI stocks rose on the last trading day before the Chinese New Year, riding on transport and new-energy car stocks.
The Shanghai Composite Index gained 0.76 percent yesterday to 3,246.91 points.
The Civil Aviation Administration of China estimated that 47.52 million people will travel by flights — up 8 percent from the previous year — during the Chinese New Year.
Sinolink Securities said the airline companies had benefited from lower fuel costs and rising passenger numbers. The brokerage said the annual growth rate in the civil aviation business will reach 10 percent in the next two years.
China Eastern Airlines surged by the 10 percent daily cap to 5.50 yuan (88 US cents), China Southern Airlines jumped 7.42 percent to 5.07 yuan, and Air China added 6.46 percent to 7.75 yuan.
Anhui Jianghuai Automobile rose 7.8 percent to 14.78 yuan and Xiamen King Long Motor jumped 7.11 percent to 18.38 yuan after the Ministry of Science and Technology said China aims to have 5 million new-energy vehicles on the roads by 2020.
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