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Developers lead Shanghai index higher
By Lydia Chen |
February 11, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market reversed the morning dip to close higher today thanks to a momentum among real estate firms as analysts said the sector was now at the bottom levels.
The Shanghai Composite Index added 0.33 percent to 2,827.33. The index edged up 1.01 percent this week. Turnover continued to expand to 127.73 billion yuan(US$19.41 billion) from yesterday's 117.15 billion yuan.
Construction-related and consumption shares also paced the gains to recover from previous losses. However, developers became the main driver to lift the market back to the positive territory although reports said the number of Chinese cities to impose a ban on purchase of multiple homes will double to 72.
"This news now can hardly affect developers' stock prices," said Chen Kaiwei, an analyst with Changjiang Securities. "Their current valuations are low enough."
COFCO Property (Group) Co gained 7.93 percent to 6.67 yuan. RiseSun Real Estate Development Co hiked 7.16 percent to 12.42 yuan.
Construction-related shares were boosted to offset previous losses. Shanghai Pudong Road-Bridge Construction Co jumped 9.98 percent to 20.17 yuan. Chen rated the sector as buy due to their promising earning reports.
Crop firms, which had been the most active sector in the past two trading days over government supports in face of a worsening drought, tumbled today though.
Gansu Dunhuang Seed Co fell 0.96 percent to 34.94 yuan.
The Shanghai Composite Index added 0.33 percent to 2,827.33. The index edged up 1.01 percent this week. Turnover continued to expand to 127.73 billion yuan(US$19.41 billion) from yesterday's 117.15 billion yuan.
Construction-related and consumption shares also paced the gains to recover from previous losses. However, developers became the main driver to lift the market back to the positive territory although reports said the number of Chinese cities to impose a ban on purchase of multiple homes will double to 72.
"This news now can hardly affect developers' stock prices," said Chen Kaiwei, an analyst with Changjiang Securities. "Their current valuations are low enough."
COFCO Property (Group) Co gained 7.93 percent to 6.67 yuan. RiseSun Real Estate Development Co hiked 7.16 percent to 12.42 yuan.
Construction-related shares were boosted to offset previous losses. Shanghai Pudong Road-Bridge Construction Co jumped 9.98 percent to 20.17 yuan. Chen rated the sector as buy due to their promising earning reports.
Crop firms, which had been the most active sector in the past two trading days over government supports in face of a worsening drought, tumbled today though.
Gansu Dunhuang Seed Co fell 0.96 percent to 34.94 yuan.
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