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Shares up on plan for nuke power projects
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SHANGHAI stocks rose slightly yesterday, led by the nuclear energy sector, which got a boost from a central government scheme to set up new nuclear electricity projects.
The Shanghai Composite Index edged up 0.07 percent to 2,345.1 points.
The National Development and Reform Commission has approved plans to start four large-scale nuclear power projects with total capacity exceeding 10 million kilowatts.
A project of this magnitude would normally cost 160 billion yuan (US$26 billion). It is estimated that a single nuclear project would generate deals worth 80 billion yuan to nuclear equipment manufacturers.
Huaxin Securities said yesterday that investors should pursue key component producers and raw material suppliers.
Chen Wenjie, an analyst at Tianxin Investment, said the nuclear energy projects are backed by the government because nuclear power saves more money than coal power and hydropower.
Shanghai Electric Group jumped 9.96 percent to 4.97 yuan, while Dongfang Electric Corp gained 6.46 percent to end at 14.50 yuan.
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