Shares gain despite profit-taking stress
Print Edition
SHANGHAI stocks yesterday ended higher despite profit-taking pressure as the market rode on an upward trend for seven straight trading days.
The Shanghai Composite Index edged up 0.14 percent to 3,582.27 points. The gauge has risen above 10 percent since the beginning of February.
Investors have been expecting stimulus measures from policy-makers who vowed to ease concerns about China’s flagging economic growth at the annual parliamentary sessions that closed on Sunday in Beijing, analysts said.
Meanwhile, China’s National Energy Administration unveiled a solar power construction target of 17.8 gigawatts this year, up 20 percent from the 15GW discussed in January and 69.5 percent higher than installations completed last year.
Provinces are “encouraged” to allocate construction quota in a “competitive way” to reduce solar on-grid tariffs, Nomura Securities said.
But the brokerage added that this implies some sort of bidding process which will cut the attractiveness of such projects and likely slow installations.
Shanghai Electric Power surged by the daily 10 percent limit to 14.18 yuan (US$2.29), Guangxi Guidong Electric Power Co gained 5.80 percent to 22.99 yuan, and Guangdong Meiyan Jixiang Hydropower rose 4.55 percent to 5.05 yuan.
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