A-Shares Recover, as Hydropower, Machinery Take the Lead
The Shanghai Composite Index climbed 1.17% to close at 2,708.81, while the Shenzhen Composite Index gained 1.57% to end at 1,154.42 on Wednesday, January 26. Trading volumes for the two indices were 6.08 billion and 2.88 billion, respectively.
The Ministry of Finance, the National Development and Reform Commission and the Ministry of Water Resources jointly announced that China will invest about RMB 2 trillion in water conservation projects over the next five year, reported Sina, leading hydropower companies to soar today today. Chongqing Three Gorges Water Conservancy (600116.SH) and Qianjiang Water Resources Development (600283.SH) both jumped 10.01%, while Anhui Water Resources Development (600502.SH) expanded 8.13%.
Datang International Power Generation (0991.HK, 601991.SH) gained 4.13% today following a company announcement that its net income had increased 50% increase in 2010, Sina reported.
Heavy machinery stocks posted gains, as well. Taiyuan Heavy Industry (600169.SH) gained 9.76%, Linzhou Heavy Machinery Group (002535.SZ) rose 7.74% and China First Heavy Industries (601106.SH) climbed 7.37%.
Electronics increased today. An unnamed staff member within the Ministry of Industry and Information Technology (MIIT) said that in March or April of this year, the authority is likely to release funding application guidelines for developers of core electronic devices, high-end chips and basic software products, reported Sina. Beijing Orient National Communications (300166.SZ) and Unisplendour Corporation (000938.SZ) gained 10.01% and 10%, respectively, while Wuhan Huazhong Numerical Control (300161.SZ) added 6.89%.
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