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Shares get boost from construction companies
Print Edition
SHANGHAI stocks rose yesterday as infrastructure construction firms gained on policies to boost regional development.
The Shanghai Composite Index gained 0.52 percent to 2,953.42 points.
The Central Economic Work Conference, which ended last Thursday, had set five key goals for 2015 that included government efforts to enhance regional integration by building infrastructure projects and exploiting resources.
Hongyuan Securities said that as the latest economic data showed continuing weakness in the Chinese economy, the market expects the government to invest in water and railway projects in a bid to grow the economy prudently.
Sinoma International Engineering, Power Construction Corp of China, China Gezhouba Group and China Railway Erju all surged by the daily limit of 10 percent to 12.61 yuan (US$2.04), 5.93 yuan, 7.79 yuan and 9.89 yuan respectively.
Analysts also warned that market liquidity may tighten as seven companies in the last round of initial public offerings in 2014 will open subscriptions on Thursday in Shanghai and Shenzhen. Five more companies will follow next week.
The IPOs may lock up 3.1 trillion yuan of funds, said BOC International (China).
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