'One Road, One Belt' scheme lifts sentiment

Shanghai stocks rose yesterday as investors were eagerly expecting more details of the "One Belt, One Road" initiative during the Boao Forum.[Special coverage]

The Shanghai Composite Index rose 0.58 percent to 3,682.09 points.

Investors were hoping the Chinese government would lay out details about the "One Belt, One Road" scheme during the forum, which opened yesterday and will end on Sunday.

Everbright Securities said the "One Belt, One Road" concept has drawn interest from more than 50 countries, suggesting that the transport sector and logistics will get a massive boost in the next three to five years.

China CNR Corp surged by the daily 10 percent limit to 18.78 yuan (US$3.02), CSR Corp rallied 9.99 percent to 17.29 yuan, and China CSSC jumped 9.99 percent to 46.46 yuan.

Fortune Securities said the forum may benefit travel, food supply and transport companies in the province.

Coal shares advanced as the government will reform the sector and help firms to develop shale gas.

Qinghai Sunshiny Mining Co surged 8.23 percent to 37.61 yuan, Shaanxi Coal Industry Co rose 7.05 percent to 7.59 yuan, and Shanxi Coal International Energy gained 3.32 percent to close at 5.82 yuan.