Sinovel at 4-Month High After Green Target Set: Shanghai Mover
The stock jumped 10 percent, its maximum daily limit, to 6.5 yuan, the highest since Sept. 13, as of 12:07 p.m. in Shanghai trading. The benchmark Shanghai Composite Index fell 0.5 percent.
The Beijing-based turbine maker’s stock has increased by its daily limit for the second consecutive day after China’s National Energy Administration announced Jan. 8 the country will add 49 gigawatts of renewable energy capacity this year, including 18 gigawatts of wind power. Total installed capacity for clean energy was 39 gigawatts in 2012, according to Bloomberg New Energy Finance.
“China’s goal may indicate a 30 percent growth in turbine shipments,” Jerry Weng, a Shanghai-based analyst at KGI Securities Co., said by phone today. Sinovel and Xinjiang Goldwind Science & Technology Co. (2208), China’s biggest producer of turbines, “may have a chance to negotiate prices as policy support stimulates demand.”
Goldwind rose 3.4 percent to 6.12 yuan.
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