stock market Photo:VCG

China's capital markets responded positively on Monday after the country launched a hydropower project in the lower reaches of the Yarlung Zangbo River on Saturday, with the prices of several stocks related to hydropower and infrastructure construction hitting their daily limits. 

Beijing Stock Exchange-listed (BSE) intelligent monitoring equipment provider Geokang Technologies Co reached its daily limit with a 29.99 percent surge at Monday's close with its stock price recorded at 27.18 yuan. The company's products are widely used in infrastructure facilities including power plants, railway stations, bridges and tunnels, its official website shows. 

Hunan Wuxin Tunnel Intelligent Equipment Co, a BSE-listed company specializing in R&D and manufacturing of intelligent equipment for drill-and-blast tunnel construction and mining operations, hit the daily price limit with a 29.99 percent surge to 63.29 yuan on Monday.

The stock price of Power Construction Corporation of China, one of the project's key participants, saw a 10.04 percent rise on Monday reaching 10.54 yuan at market close. Other related companies including Tibet GaoZheng Explosive Co, Xizang Tianlu Co and Huaxin Cement Co all reached their daily limit. 

China announced the start of the construction of a hydropower project in the lower reaches of the Yarlung Zangbo River on Saturday, according to the Xinhua News Agency. The project will consist of five cascade hydropower stations, with a total investment estimated at around 1.2 trillion yuan. The project will primarily deliver electricity for external consumption while also addressing local demand in Xizang, said the report. 

Xinhua reported on the same day that the founding ceremony of the China Yajiang Group Co., Ltd., which is a key step toward ensuring the smooth construction and operation of the Yarlung Zangbo hydropower project.

Global Times