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Stocks inch up on government help for solar firms
By Ye Zhen |
July 16, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks inched up today as solar firms continued a strong run given a central government plan to boost the sector and expectations remained that more stimuli may be unveiled to boost growth of the world's second-largest economy.
The benchmark Shanghai Composite Index closed 0.31 percent higher at 2,065.72, with a daily turnover of 82.9 billion yuan (US$13.6 billion)
Gains by shares of solar companies helped the index rebound for a second straight day after China announced plans to support the country's solar panel manufacturers struggling with industry overcapacity
China, the world's largest solar panel producer, aims to more than quadruple the country's solar power generating capacity to 35 gigawatts by 2015, according to a statement on the central government's website.
TDG Holding Co surged by the daily limit of 10 percent to 5.58 yuan. Xi'an Longi Silicon Materials Co also jumped 10 percent to 11.55 yuan.
Railway stocks surged on media reports that the government is likely to resume investment in the infrastructure projects for high-speed railways.
Gem-Year Industrial Co leaped 10 percent to 8.34 yuan. Jinxi Axle Co Ltd advanced 8.2 percent to 12.11 yuan.
The mainland's press also reported that the economy was likely to dominate the State Council's regular Wednesday meeting. Traders said there was some speculation that China's cabinet could unveil some policy announcements after that.
The benchmark Shanghai Composite Index closed 0.31 percent higher at 2,065.72, with a daily turnover of 82.9 billion yuan (US$13.6 billion)
Gains by shares of solar companies helped the index rebound for a second straight day after China announced plans to support the country's solar panel manufacturers struggling with industry overcapacity
China, the world's largest solar panel producer, aims to more than quadruple the country's solar power generating capacity to 35 gigawatts by 2015, according to a statement on the central government's website.
TDG Holding Co surged by the daily limit of 10 percent to 5.58 yuan. Xi'an Longi Silicon Materials Co also jumped 10 percent to 11.55 yuan.
Railway stocks surged on media reports that the government is likely to resume investment in the infrastructure projects for high-speed railways.
Gem-Year Industrial Co leaped 10 percent to 8.34 yuan. Jinxi Axle Co Ltd advanced 8.2 percent to 12.11 yuan.
The mainland's press also reported that the economy was likely to dominate the State Council's regular Wednesday meeting. Traders said there was some speculation that China's cabinet could unveil some policy announcements after that.
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