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Rail, construction shares prop up mainland markets

By Yu Xi (Global Times)

13:33, September 07, 2012

Stock markets in Shanghai and Shenzhen finished in positive territory Thursday in large part thanks to news that the National Development and Reform Commission (NDRC), China's economic planner, had approved more than two dozen new railway projects late Wednesday.

The Shanghai Composite Index climbed 14.24 points, or 0.70 percent, to close at 2,051.92; while the Shenzhen Component Index edged up 0.55 percent, or 45.68 points, to finish at 8,288.26.

Both indices opened higher Thursday after finding support in reports that the NDRC had given its nod to build 25 railway projects worth more than 800 billion yuan ($126.13 billion). The rolling and urban traffic sectors welcomed this development during the morning session, as did machinery, construction and cement stocks. Despite an afternoon dip, both indices were ultimately able to secure victories thanks to surges in the banking, environmental protection, coal and non-ferrous metal sectors late in the day.

Electronic payment and gas stocks also outperformed the market Thursday, while the brewing sector and shares of companies based in Guizhou Province numbered among the day's biggest losers.

The NDRC's move in championing this batch of projects is expected to give a major lift to China's embattled construction and steel industries along with train makers and rail equipment companies, according to analysts. China Railway Construction Corp and China Railway Group managed to tack on 4.18 percent and 2.89 percent to finish at 4.49 yuan and 2.49 yuan respectively.

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