China stocks close higher, enthusiasm over Xiongan continues

Updated 2017-04-11 17:30:38 Xinhua

Despite weak performance in the morning session, Chinese stocks ended in positive territory Tuesday, with shares related to Xiongan New Area continuing to take the lead.

The benchmark Shanghai Composite Index closed up 0.6 percent at 3,288.97 points while the smaller Shenzhen Component Index gained 0.5 percent to 10,655.79 points.

The ChiNext Index, China's NASDAQ-style board, went up 0.27 percent to close at 1,917.63 points.

A senior official with the central bank has called for more financial support for the coordinated development of the Beijing-Tianjin-Hebei region, according to a statement Monday.

Financial institutions should find new ways to provide medium and long-term financing for the region, PBOC deputy governor Pan Gongsheng said at a conference in Tianjin Friday.

The PBOC statement also said that the decision to establish the Xiongan New Area in Hebei Province, an important move to advance Jing-Jin-Ji development, was also studied at the conference.

The rising momentum of Xiongan-related stocks continued unabated Tuesday. Hebei Sailhero Environmental Protection Hi-tech surged by the daily limit of 10 percent to end the day at 24.89 yuan per share.

Tangshan Jidong Cement, a major cement producer located near the area, also saw shares jump 10 percent to close at 22.52 yuan.

On April 1, China 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.”

Whether the round of market enthusiasm is sustained depends on the policy implementation of the plans, according to analysis by Zhongtai Securities.

Bucking the broader trend, coal mining, household electric appliances and online travelling plummeted Tuesday.

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