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Homebuilders push Shanghai shares up 1.38%
By Ye Zhen |
May 17, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks notched the biggest gain in two weeks as homebuilders got a boost on expectation that that the central government will not take new measures to curb the housing market as China's economic recovery remains weak.
The benchmark Shanghai Composite Index advanced 1.38 percent, the biggest daily increase since May 3, to settle at 2,282.87 points. Turnover was 111.2 billion yuan (US$18.2 billion) at the trading close. The index added 1.6 percent this week, a third straight week of gains.
"China's economic recovery largely relies on the housing sector as property development helps to stabilize investment while home sales benefit industries that supply household appliances and furnishing products," analysts at CITIC Securities said in a report today. "Thus, the central government is unlikely to impose more property curbs amid a weak recovery."
Qu Ruiming, analyst at Guosen Securities, said the valuation of property stocks has lingered at the bottom and the room for an upward swing is as much as 30 percent.
The housing sector optimism was also fuelled by a Shanghai Securities News report that Chinese regulators are considering loosening control on refinancing by property developers on condition that funds raised are not invested in property businesses.
Poly Real Estate, China's second-largest developer, advanced 2.6 percent to 12.38 yuan. Gemdale Corporation gained 3.5 percent to 7.71 yuan. China Fortune Land Development Co surged by the daily limit of 10 percent to 30.54 yuan.
China State Construction Engineering Corp climbed 3 percent to 3.88 yuan. Long Yuan Construction Group Co surged 5.5 percent to 4.82 yuan. China Communications Construction Co Ltd increased 2.2 percent to 5.08 yuan.
The benchmark Shanghai Composite Index advanced 1.38 percent, the biggest daily increase since May 3, to settle at 2,282.87 points. Turnover was 111.2 billion yuan (US$18.2 billion) at the trading close. The index added 1.6 percent this week, a third straight week of gains.
"China's economic recovery largely relies on the housing sector as property development helps to stabilize investment while home sales benefit industries that supply household appliances and furnishing products," analysts at CITIC Securities said in a report today. "Thus, the central government is unlikely to impose more property curbs amid a weak recovery."
Qu Ruiming, analyst at Guosen Securities, said the valuation of property stocks has lingered at the bottom and the room for an upward swing is as much as 30 percent.
The housing sector optimism was also fuelled by a Shanghai Securities News report that Chinese regulators are considering loosening control on refinancing by property developers on condition that funds raised are not invested in property businesses.
Poly Real Estate, China's second-largest developer, advanced 2.6 percent to 12.38 yuan. Gemdale Corporation gained 3.5 percent to 7.71 yuan. China Fortune Land Development Co surged by the daily limit of 10 percent to 30.54 yuan.
China State Construction Engineering Corp climbed 3 percent to 3.88 yuan. Long Yuan Construction Group Co surged 5.5 percent to 4.82 yuan. China Communications Construction Co Ltd increased 2.2 percent to 5.08 yuan.
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