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Gains in real estate cement growth in key share index
By Ye Zhen |
September 25, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks edged up at the close yesterday on speculation that demand for cement will rise after data showed fund injected into China's real estate industry gained last month and the Sichuan Province unveiled investment plans.
The Shanghai Composite Index added 0.32 percent to 2,033.19 points.
Real estate investment in the country jumped 15.6 percent from a year earlier to 4.4 trillion yuan (US$698.4 billion) in the first eight months this year, the National Development and Reform Commission said on its website yesterday.
The growth rate was 0.2 percentage points higher than that in the first seven months.
Orient Securities said in a report that higher property investment will act as a catalyst for cement stocks to rebound.
The brokerage expected investment in fixed assets to rise as the government aims to revive economic growth.
Analysts are generally bullish over the cement industry.
"Cement price is increasing in east China as inventories of major producers are declining because of a rise in seasonal demand," UBS Securities said in a report.
Optimism in the cement industry was further boosted after Sichuan Province yesterday said it will launch 2,242 investment projects, including 639 in infrastructure construction, worth 3.67 trillion yuan over the next two years.
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, and Shaanxi Qinling Cement Group Co jumped by the daily limit of 10 percent to 3.71 yuan.
The Shanghai Composite Index added 0.32 percent to 2,033.19 points.
Real estate investment in the country jumped 15.6 percent from a year earlier to 4.4 trillion yuan (US$698.4 billion) in the first eight months this year, the National Development and Reform Commission said on its website yesterday.
The growth rate was 0.2 percentage points higher than that in the first seven months.
Orient Securities said in a report that higher property investment will act as a catalyst for cement stocks to rebound.
The brokerage expected investment in fixed assets to rise as the government aims to revive economic growth.
Analysts are generally bullish over the cement industry.
"Cement price is increasing in east China as inventories of major producers are declining because of a rise in seasonal demand," UBS Securities said in a report.
Optimism in the cement industry was further boosted after Sichuan Province yesterday said it will launch 2,242 investment projects, including 639 in infrastructure construction, worth 3.67 trillion yuan over the next two years.
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, and Shaanxi Qinling Cement Group Co jumped by the daily limit of 10 percent to 3.71 yuan.
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