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Automakers drive key index higher
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Shanghai shares posted their first increase in four days yesterday, led by automakers which gained from strong domestic sales last month.
The Shanghai Composite Index added 0.16 percent, or 3.34 points, to 2,109.47.
Most carmakers rallied after data from the China Association of Automobile Manufacturers showed vehicle sales in October surged 20.3 percent from a year earlier, faster than the 19.7 percent gain in September.
Guangzhou Automobile Group Co jumped 3.9 percent to 8.85 yuan (US$1.45). Great Wall Motor Co rose 2 percent to 41.40 yuan. SAIC Motor Corp added 0.61 percent to 14.79 yuan.
“The automobile sector is likely to outperform the overall market with positive earnings and a rational valuation,’’ said Deng Xue, analyst at China Galaxy Securities Research.
The market also rode on positive economic data released over the weekend pointing to an economic recovery.
China’s industrial output jumped 10.3 percent year on year in October, up slightly from September’s 10.2 percent gain, data from the National Bureau of Statistics showed. Retail sales, a gauge of domestic demand, rose 13.3 percent, the same as in the previous month.
‘‘The data came in slightly better than expected, suggesting a continuous recovery in activity momentum,’’ said Zhu Haibin, chief economist for China at JPMorgan.
But property developers fell after Shanghai announced a rise in minimum down-payment for second-home buyers to 70 percent from 60 percent to rein in soaring home prices.
Poly Real Estate, China’s second-largest listed developer, slumped 2.1 percent to 8.95 yuan. Gemdale Corp shed 1.2 percent to close at 5.91 yuan.
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