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Banks and developers lead Shanghai gauge
By Feng Jianmin |
March 28, 2011, Monday
|
Online Edition
Online Edition
Shanghai's key stock index rose in the morning session, powered by banks and property developers.
The benchmark Shanghai Composite Index rose 0.7 percent to 2,998.78. Turnover jumped to 115.8 billion yuan (US$ 17.7 billion)from last Friday's 84.8 billion yuan.
Property developers lifted the index as governments of many mainland cities have permitted growth of housing prices at as much as 10 percent this year.
The State Council in February ordered key cities to release housing-price targets for controlling measures by the end of this month. But so far only 40 cities have released their goals and none of them expected prices to drop this year.
China Vanke, China's largest property developer, increased 1.3 percent to 8.83 yuan. Poly Real Estate Co, China's second largest, gained 1.7 percent to 14.03 yuan.
Banks rose on positive earnings. China Minsheng Banking Corp climbed 3 percent to 5.53 yuan after reporting its 2010 profit jumped 45 percent from a year earlier. Bank of China and Huaxia Bank Co also announced better-than-expected profits on increased interest incomes.
The benchmark Shanghai Composite Index rose 0.7 percent to 2,998.78. Turnover jumped to 115.8 billion yuan (US$ 17.7 billion)from last Friday's 84.8 billion yuan.
Property developers lifted the index as governments of many mainland cities have permitted growth of housing prices at as much as 10 percent this year.
The State Council in February ordered key cities to release housing-price targets for controlling measures by the end of this month. But so far only 40 cities have released their goals and none of them expected prices to drop this year.
China Vanke, China's largest property developer, increased 1.3 percent to 8.83 yuan. Poly Real Estate Co, China's second largest, gained 1.7 percent to 14.03 yuan.
Banks rose on positive earnings. China Minsheng Banking Corp climbed 3 percent to 5.53 yuan after reporting its 2010 profit jumped 45 percent from a year earlier. Bank of China and Huaxia Bank Co also announced better-than-expected profits on increased interest incomes.
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