Shares see biggest daily rise in 8 months

Updated 2017-04-06 09:30:52 Shanghai Daily

Shanghai shares yesterday ended with the biggest daily gain in eight months, led by stocks related to Xiongan New Area, a new economic zone to be built near Beijing.

The Shanghai Composite Index jumped 1.48 percent to 3,270.31 points.

On Saturday, the central government announced its plans to set up Xiongan New Area, 100 kilometers southwest of downtown Beijing.

Xiongan, now only covering three less-developed counties in Hebei Province, is expected to create fresh business opportunities and help the capital share its prosperity with surrounding areas.

Investors were hopeful of the potential investment and resources to be pumped into the new area, as well as firms that could gain from the long-term development of Heibei.

Li Yimin, senior equity researcher at Shenwan Hongyuan Securities Co, predicted potential infrastructure investment in Xiongan may hit nearly 56.3 billion yuan (US.2 billion) in the next two years and surge to 1.9 trillion yuan by 2030.

Shares of more than 30 companies related to the new area surged by the daily 10 percent limit. Cement producer BBMG Corp soared by the 10 percent daily cap. So did Tianjin Port Co and trading company Langfang Development Co.

Saturday's announcement said Xiongan New Area will be of the same national significance as the Shenzhen Special Economic Zone, established in the 1980s, and the Shanghai Pudong New Area, created in the 1990s.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 24 2017 10:03:34

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 24 2017 10:03:34

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 24 2017 10:03:34

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords