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Banks and property firms send index higher
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Shanghai shares yesterday jumped to a 10-week high and ended above 2,100 points, bolstered by banks and property developers on rising hopes that China’s urbanization will deepen.
The Shanghai Composite Index gained 1.18 percent to 2,123.11 points, the highest since June 19.
Shenyin and Wanguo Securities said in a report that as rural areas in the country become urbanized, the demand for homes will increase and this will lead to the construction of new cities and towns, bringing opportunities to banks and real estate developers.
Companies with large rural land reserves gained the most. Gansu Yasheng Industrial (Group) Co jumped by 10 percent daily limit to 8.79 yuan (US$1.44).
The Industrial Bank gained 4.85 percent to 11.24 yuan. China Minsheng Banking Corp rose 2.2 percent to 9.31 yuan.
Central Huijing Investment Ltd, a unit of China’s sovereign wealth fund, has said it will continue to buy heavily-weighted stocks, mainly bank shares, in the second half of this year.
Last week, the People’s Bank of China injected 41.5 billion yuan into the money market via reverse repurchase agreements, and more liquidity injections are expected from this month through end of the year.
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