Chinese shares post rising streak over new economic zone plan

Updated 2017-04-07 17:00:42 Xinhua

Chinese stocks continued to rise Friday, with the benchmark Shanghai Composite Index closing at a 15-month high thanks to boosted market sentiment over Xiongan New Area, a new economic zone to be built near Beijing.

The benchmark Shanghai Composite Index went up 0.17 percent to close at 3,286.62 points. The smaller Shenzhen Component Index closed 0.12 percent higher at 10,669.48 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, increased 0.09 percent to close at 1,946.05 points.

Combined turnover on the two bourses came in at 566 billion yuan (about 82 billion U.S. dollars), up from 553 billion yuan the previous trading day.

China on Saturday announced plans to create Xiongan New Area, which authorities described as a “major historic and strategic choice” that would be “crucial for the millennium to come.”

A total of 26 stocks traded on the two bourses that are related to the strategy rose by about ten percent, mainly in sectors such as property, construction and building materials.

China Fortune Land Development, a property and industrial park developer, saw its shares surge by the daily limit of 10 percent for three consecutive days.

Analysts said that Xiongan, some 100 kilometers southwest of downtown Beijing, will create fresh business opportunities.

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