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Bullish cement stocks lifts Shanghai index
By Ye Zhen |
September 24, 2012, Monday
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Online Edition
Online Edition
SHANGHAI stocks closed slightly higher today, boosted by cement producers, on speculation that cement demand will increase as data showed the real estate industry picked up last month and Sichuan Province rolled out major investment plans.
The key Shanghai Composite Index added 0.32 percent to end at 2,033.19 points. Turnover was 45.6 billion yuan (US$7.2 billion) at the trading close.
China's real estate investment grew 15.6 percent year on year to 4.4 trillion yuan in the first eight months, the National Development and Reform Commission said on its website today. The growth rate was 0.2 percentage points higher than what it was in the first seven months.
The cement industry benefited from a recovering property market with rising cement prices and falling inventories as demand picks up seasonally, UBS Securities said in a report.
Optimism over the cement industry was further boosted by Sichuan's announcement of 2,242 investment projects, involving 3.67 trillion yuan, this year and next.
Anhui Conch Cement Co, China's biggest cement producer, gained 3.7 percent to 15.27 yuan. Gansu Qilianshan Cement Group Co rose 5.8 percent to 11.35 yuan. Shaanxi Qinling Cement Group Co jumped by the daily limit of 10 percent to 3.71 yuan.
Most property developers advanced after the Ministry of Housing and Urban-Rural Development ruled out a rebound of home prices and reaffirmed its tight control of the housing market. Poly Real Estate, the country's second biggest developer, rose 2.7 percent to 10.12 yuan. Gemdale Corporation gained 1.1 percent to 4.75 yuan.
The key Shanghai Composite Index added 0.32 percent to end at 2,033.19 points. Turnover was 45.6 billion yuan (US$7.2 billion) at the trading close.
China's real estate investment grew 15.6 percent year on year to 4.4 trillion yuan in the first eight months, the National Development and Reform Commission said on its website today. The growth rate was 0.2 percentage points higher than what it was in the first seven months.
The cement industry benefited from a recovering property market with rising cement prices and falling inventories as demand picks up seasonally, UBS Securities said in a report.
Optimism over the cement industry was further boosted by Sichuan's announcement of 2,242 investment projects, involving 3.67 trillion yuan, this year and next.
Anhui Conch Cement Co, China's biggest cement producer, gained 3.7 percent to 15.27 yuan. Gansu Qilianshan Cement Group Co rose 5.8 percent to 11.35 yuan. Shaanxi Qinling Cement Group Co jumped by the daily limit of 10 percent to 3.71 yuan.
Most property developers advanced after the Ministry of Housing and Urban-Rural Development ruled out a rebound of home prices and reaffirmed its tight control of the housing market. Poly Real Estate, the country's second biggest developer, rose 2.7 percent to 10.12 yuan. Gemdale Corporation gained 1.1 percent to 4.75 yuan.
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