Developers power index to 1% gain
By Feng Jianmin |
June 22, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday rose for the first time in five days as cement producers and property developers gained on news that corporate bonds will be issued to support construction of affordable homes.
The benchmark Shanghai Composite Index rose 1 percent to 2,646.48 points.
"The sentiment today was boosted by expectations that government investment will not decrease under tightening measures," said Wu Jianzhong, an analyst at Hongyuan Securities. "But the market still faces tight liquidity and expectations for economic growth are still relatively negative."
Property developers gained after media reports said the National Development and Reform Commission, China's top economic planning body, will allow companies and financial firms to issue corporate bonds. The bonds will be used to raise funds to build affordable homes.
Poly Real Estate Group Co, China's second biggest listed developer, gained 1.1 percent to 10.54 yuan. Gemdale Corp, the fourth largest, climbed 1.6 percent to 6.25 yuan.
Cement producers rallied on speculation demand for the building material will rise as more affordable home projects are launched.
The benchmark Shanghai Composite Index rose 1 percent to 2,646.48 points.
"The sentiment today was boosted by expectations that government investment will not decrease under tightening measures," said Wu Jianzhong, an analyst at Hongyuan Securities. "But the market still faces tight liquidity and expectations for economic growth are still relatively negative."
Property developers gained after media reports said the National Development and Reform Commission, China's top economic planning body, will allow companies and financial firms to issue corporate bonds. The bonds will be used to raise funds to build affordable homes.
Poly Real Estate Group Co, China's second biggest listed developer, gained 1.1 percent to 10.54 yuan. Gemdale Corp, the fourth largest, climbed 1.6 percent to 6.25 yuan.
Cement producers rallied on speculation demand for the building material will rise as more affordable home projects are launched.
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