Shanghai stocks rise on energy optimism

Shanghai stocks rose yesterday for the first time this week after a momentum in the nuclear power sector following measures announced for the energy sector.

The Shanghai Composite Index edged up 0.07 percent to 2,452.66 points.

Inner Mongolia Lantai Industrial jumped 6.58 percent to 10.37 yuan (US$1.69), China XD Electric gained 2.5 percent to 5.32 yuan, while Tebian Electric Apparatus rose 2 percent to 10.20 yuan.

On Wednesday, China announced energy consumption goals for the period through 2020. It plans to have 58 gigawatts of nuclear power by 2020, nearly four times more than the current capacity. It also plans to have an additional 30GW under construction by then.

The new blueprint signifies more optimism in the resumption of nuclear projects within the year, with the National Energy Administration saying earlier this month that previous technological hurdles had been successfully overcome.

GF Securities said China will possibly speed up the construction of ongoing nuclear projects and soon start building new ones to meet the newly set goals.