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Military stocks offer comfort to investors
Print Edition
SHANGHAI stocks surged yesterday as investors were optimistic about reform in the state-owned military companies whose share prices skyrocketed.
The Shanghai Composite Index gained 1.37 percent to 2,266.05 points.
China aims to expand the footprint of its BeiDou Navigation Satellite System (BDS) globally by 2020 after covering the Asia-Pacific regional market in 2012, participants heard at a two-day summit, which opened yesterday in Urumqi, capital of the Xinjiang Uygur Autonomous Region.
China Spacesat surged 9.98 percent to 21.93 yuan (US$3.57), while China Aerospace Times Electronics jumped 9.05 percent to 15.31 yuan.
“The value of the national defense industry for investors is that the whole sector, especially the aerospace industry, is expected to absorb great funds as plans are afoot to reform the shareholding of state-owned military enterprises,” said Guotai Junan Securities.
“These measures will streamline the management structure of the companies that make military products.”
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