Shares in several listed companies rise by the daily maximum of 10 per cent as investors discern strong earnings prospects
Xinjiang Communications Construction Group and other listed companies from China’s northwestern Xinjiang Uygur autonomous region jumped in Shanghai and Shenzhen trading on expectations that they would benefit from the region’s above-national-average economic growth.
Infrastructure builder Xinjiang Communications surged by the 10 per cent daily cap imposed by the mainland’s exchanges to 17.49 yuan in Shenzhen on Friday, while movie producer and distributor Bona Film Group jumped by the same percentage to 6.25 yuan. Thermal power generator Xinjiang Tianfu Energy soared 10 per cent to 8.67 yuan on the Shanghai bourse, where cement maker Xinjiang Qingsong Building Materials and Chemical rose 6.4 per cent to 4.79 yuan.
The fervour underscored investors’ growing optimism about the growth prospects of listed companies based in the resource-rich area, which often receives policy tailwinds from Beijing. Xinjiang’s economy expanded by 5.7 per cent in the first half, surpassing mainland China’s overall 5.2 per cent growth and rivaling the fastest-growing provinces.
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