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Shares little changed but PPP firms rise
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SHARES of infrastructure and raw materials firms involved in public-private partnership projects rose yesterday although the overall Shanghai market ended little changed.
The Shanghai Composite Index added 0.04 percent to close at 3,091.93 points.
Investors chased after these companies as they expected the Chinese government to approve more infrastructure projects, thereby boosting demand for cement and steel.
Shares of these environment-related companies affiliated to the country’s PPP program rose.
The Zhejiang Weiming Environment Protection Co surged by the 10-percent daily limit for a second day this week to 29.02 yuan (US$4.36), and Chongqing Three Gorges Water Conservancy and Electric Power Co jumped 8.72 percent to 8.6 yuan.
“PPP related stocks are the hot spots of A-share trading these days,” Avic Securities Co said in a note yesterday. “The sector might see a robust and repeated rally amid a determined push by China’s policymakers to combat pollution and promote infrastructure projects.”
Sentiment rose as over 70 percent of the 64 listed firms in Shanghai and Shenzhen involved in PPP projects saw their net profits grow.
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