Latest News:  
Beijing   Shower/Overcast    28 / 22 ℃  City Forecast

English>>China Business

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.

News we recommend:
Diaoyu row hurts Japanese car sales New Controls in the Making Housing report notes rise in sales
The Price Goes Up and Up Rail projects to spur economy Finance vehicle loans to local govts up in H1
A Treasure Trove of Resources  Kai-Fu Lee, Citron battle heats up Frictions Over Renewable Energy

Email|Print|Comments(Editor:厉振羽、张洪宇)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. APF soldiers conduct anti-terrorism training

  2. Moscow holds salon displaying auto trends

  3. Diaoyu row hurts Japanese car sales in China

  4. Mantries to woo potential mates by wearing homemade 'chastity belt'

  5. Spectacular! When magma enters into sea

  6. Spanish beauty sexy show

Most Popular

Opinions

  1. ASEAN 'must not take sides in disputes'
  2. Commentary: Asian SMEs must plan for crisis
  3. US firms poison reputations of China start-ups
  4. Exams still fairest way for kids' school selection
  5. Quality better for box office than quotas
  6. Don’t hand over judgment to foreign media
  7. China, Japan can find path to more stable future
  8. Editorial: FDI rise possible

What's happening in China

Freshmen receive etiquette training in E China

  1. Two dead in Beijing railway stabbing
  2. Coca Cola to rebuild image through public welfare
  3. Booklet tells parents to 'prevent' homosexuality
  4. Dog's death prompts pet safety plea for planes
  5. 3 smugglers' sentences stir debate

China Features

  1. Exclusive:A probe into GM rice test
  2. How much we continue to pay for 'face saving? '
  3. Entering China's northernmost village
  4. Italy makes efforts to attract Chinese students
  5. Chinese economy not to suffer a hard landing

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture