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

Source: Xinhua| 2017-04-06 17:39:19|Editor: xuxin
Video PlayerClose

BEIJING, April 6 (Xinhua) -- 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.

TOP STORIES
EDITOR’S CHOICE
MOST VIEWED
EXPLORE XINHUANET
010020070750000000000000011100001361876771