Chinese machinery stocks jump after infrastructure project approvals
HONG KONG, Sept 7
HONG KONG, Sept 7 (Reuters) - Shares in Chinese machinery companies surged after the state-run China Securities Journal reported on Friday that regulators had approved 30 infrastructure projects, adding to signs that Beijing is accelerating spending to bolster growth.
Shanghai-listed Sany Heavy Industry and Shenzhen-listed Zoomlion both jumped more than 6 percent. Taiyuan Heavy was up 9.9 percent at 0210 GMT, outperforming the broader mainland Chinese market.
This compared with the 2 percent gain on the CSI300 Index of the top Shanghai and Shenzhen listings and the 1.6 percent rise on the Shanghai Composite Index.
Friday's reported projects add to the 25 rail projects, possibly worth more than 700 billion yuan ($110.3 billion), reportedly approved earlier this week. That would bring the total amount of investment projects approved this week to more than 1 trillion yuan ($157 billion). (Reporting by Clement Tan and Vikram Subhedar in HONG KONG; Editing by Paul Tait)
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