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April 6, 2017

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Shares see biggest daily rise in 8 months

SHANGHAI shares yesterday ended with the biggest daily gain in eight months, led by stocks related to Xiongan New Area, a new economic zone to be built near Beijing.

The Shanghai Composite Index jumped 1.48 percent to 3,270.31 points.

On Saturday, the central government announced its plans to set up Xiongan New Area, 100 kilometers southwest of downtown Beijing.

Xiongan, now only covering three less-developed counties in Hebei Province, is expected to create fresh business opportunities and help the capital share its prosperity with surrounding areas.

Investors were hopeful of the potential investment and resources to be pumped into the new area, as well as firms that could gain from the long-term development of Heibei.

Li Yimin, senior equity researcher at Shenwan Hongyuan Securities Co, predicted potential infrastructure investment in Xiongan may hit nearly 56.3 billion yuan (US$8.2 billion) in the next two years and surge to 1.9 trillion yuan by 2030.

Shares of more than 30 companies related to the new area surged by the daily 10 percent limit. Cement producer BBMG Corp soared by the 10 percent daily cap. So did Tianjin Port Co and trading company Langfang Development Co.

Saturday’s announcement said Xiongan New Area will be of the same national significance as the Shenzhen Special Economic Zone, established in the 1980s, and the Shanghai Pudong New Area, created in the 1990s.


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