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Developers jump in Shanghai to lead index higher
By Lydia Chen |
March 23, 2011, Wednesday
|
Online Edition
Online Edition
A RALLY headed by real estate developers pulled Shanghai market up this morning as analysts said property shares are now starting to bounce back from bottoms over possibly eased government policies.
The Shanghai Composite Index added 0.78 percent to 2,941.88. Turnover expanded to 70.79 billion yuan (US$10.77 billion) from yesterday morning's 67.46 billion yuan.
The real estate sector paced the increase among all plays with a rise of 3.09 percent. The industry also attracted nearly 7 billion yuan in new funds, the most among all sectors, in the morning session.
Beijing Urban Construction Investment & Development Co gained 9 percent to 15.26 yuan. Shanghai Shimao Co climbed 4.80 percent to 15.06 yuan.
China's cabinet, the State Council, is soon going to send eight teams across the country to probe the effects of the country's latest measures that were designed to curb property bubbles two months ago.
Analysts said the country's massive affordable housing projects will also mean a vast business expansion for developers, whose stock prices have already slumped to the lowest levels since the central government embarked efforts to cap rocketing home prices.
The Shanghai Composite Index added 0.78 percent to 2,941.88. Turnover expanded to 70.79 billion yuan (US$10.77 billion) from yesterday morning's 67.46 billion yuan.
The real estate sector paced the increase among all plays with a rise of 3.09 percent. The industry also attracted nearly 7 billion yuan in new funds, the most among all sectors, in the morning session.
Beijing Urban Construction Investment & Development Co gained 9 percent to 15.26 yuan. Shanghai Shimao Co climbed 4.80 percent to 15.06 yuan.
China's cabinet, the State Council, is soon going to send eight teams across the country to probe the effects of the country's latest measures that were designed to curb property bubbles two months ago.
Analysts said the country's massive affordable housing projects will also mean a vast business expansion for developers, whose stock prices have already slumped to the lowest levels since the central government embarked efforts to cap rocketing home prices.
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