Shares rise over 2% to end at 7-year high
Print Edition
SHANGHAI stocks rose to a seven-year high yesterday, closing at nearly 4,400 points, as investors were cheered by China’s nuclear power blueprint.
The Shanghai Composite Index climbed 2.44 percent to end at 4,398.49 points. The gauge has jumped 87 percent in the past six months.
The China Nuclear Energy Association said the government will approve six to eight nuclear reactors this year. In addition, there will be eight reactors going into commercial operation this year.
Nuclear power-related shares soared. Dongfang Electric Co rallied by the daily 10 percent limit to 28.89 yuan (US$4.67), Shanghai Electric Group Co surged 9.97 percent to 17.31 yuan, China XD Electric Co jumped 9.96 percent to 11.70 yuan, and Shenergy Co rose 9.96 percent to 10.16 yuan.
New energy and clean technology shares also gained after China encouraged private capital to invest in energy, water and environmental protection.
Hai Nan Yedao (Group) Co and Fengfan Stock Co both surged by the 10 percent daily limit to 12.31 yuan and 23.95 yuan.
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