Off the wire
• China spending on robotics to hit 59.4 bln USD in 2020: IDC  • Indian police book Saudi-based Muslim banker for divorcing Indian wife via newspaper ad  • Foreign exchange rates in Hong Kong  • 1st LD: Vice premier urges control on property development in Xiongan New Area  • Bangladesh, Myanmar agree on joint efforts to remove landmines from border areas  • S. Korean prosecutors to summon Lotte chief for alleged involvement in corruption scandal  • Terrorism warning on New Zealand war commemorations in Turkey  • Feature: What do Americans feel about mutually beneficial China-U.S. ties in daily life?  • Gold price closes higher in Hong Kong  • 1st LD: Thai King Maha Vajiralongkorn signs new constitution  
You are here: 　 Home

1st LD-Writethru: Chinese shares extend winning streak on Xiongan New Area

Xinhua, April 6, 2017 Adjust font size:

Chinese stocks ended in positive territory on Thursday with strength coming partly from shares related to Xiongan New Area, a new economic zone to be built near Beijing.

The benchmark Shanghai Composite Index went up 0.33 percent to close at 3,281 points. The smaller Shenzhen Component Index closed 0.27 percent higher at 10,656.17 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, increased 0.06 percent to close at 1,944.23 points.

Combined turnover on the two bourses came in at 553 billion yuan (80 billion U.S. dollars), down from 576.27 billion yuan the previous trading day.

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

Nearly 1,500 stocks among the two bourses gained with shares related to the new national strategy leading the rises, mainly in sectors such as property, cement, steel and construction.

RiseSun Real Estate Development, a Hebei Province-based property developer, surged by the daily limit of 10 percent to end at 10.55 yuan per share.

Tangshan Jidong Cement, a major cement producer in Hebei, also saw shares jump 10 percent to close at 16.92 yuan.

Analysts said that Xiongan, some 100 kilometers southwest of downtown Beijing, which currently includes three less-developed counties, will create fresh business opportunities.

Xiongan New Area will boost the economy in the regions around the capital, said Zhang Junkuo, deputy director with the Development Research Center of the State Council.

After educational, scientific and technological resources flow into the region from Beijing, the investment environment in Hebei will improve substantially, said Zhang. Enditem