Housing measures push up key index
By Staff Reporter |
October 1, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose yesterday, capping its first quarterly gain this year, on speculation government tightening measures to tame housing prices will remove uncertainty.
The benchmark Shanghai Composite Index climbed 1.72 percent, or 45 points, to close at 2,655.66, the biggest advance since August 16. Turnover stood at 107.1 billion yuan (US$7.63 billion), slightly higher than Wednesday's 105.8 billion yuan.
The gauge climbed 11 percent in the third quarter, but has still plunged 19 percent this year.
The central government on Wednesday ordered commercial banks to stop offering loans to buyers of third homes and extended a 30 percent down-payment requirement to all first-home buyers. China will also speed up introduction of a trial property tax in some cities and then expand the levy to the whole country to curb rising real estate prices.
The new policies indicate that the restrictive measures have been extended from property speculation to ordinary home purchases, and from areas with surging prices to the whole country, a note by Rising Securities said.
Market watchers believe the measures have partially settled policy uncertainties, but predicted the market may fluctuate on jitters about property tax, growing inflation, and the yuan dispute with the United States.
Poly Real Estate Co, the country's second-largest listed property developer, surged 8.9 percent to 12.36 yuan. Gemdale Corp, the fourth-largest, rallied 5.25 percent to 6.42 yuan.
Banks were strong as the restrictions on home loans had been expected. The Agricultural Bank of China rose 3.16 percent to 2.61 yuan. The Industrial and Commercial Bank of China added 0.75 percent to 4.04 yuan. The Bank of Communications went up 1.22 percent to 5.80 yuan. China Merchants Bank increased 2.29 percent to 12.95 yuan.
Gold producers rallied as bullion price stood at record high of US$1,309 per ounce while the US dollar weakened. Zijin Mining Group jumped 8.83 percent. Zhongjin Gold Co rose 3.76 percent.
The benchmark Shanghai Composite Index climbed 1.72 percent, or 45 points, to close at 2,655.66, the biggest advance since August 16. Turnover stood at 107.1 billion yuan (US$7.63 billion), slightly higher than Wednesday's 105.8 billion yuan.
The gauge climbed 11 percent in the third quarter, but has still plunged 19 percent this year.
The central government on Wednesday ordered commercial banks to stop offering loans to buyers of third homes and extended a 30 percent down-payment requirement to all first-home buyers. China will also speed up introduction of a trial property tax in some cities and then expand the levy to the whole country to curb rising real estate prices.
The new policies indicate that the restrictive measures have been extended from property speculation to ordinary home purchases, and from areas with surging prices to the whole country, a note by Rising Securities said.
Market watchers believe the measures have partially settled policy uncertainties, but predicted the market may fluctuate on jitters about property tax, growing inflation, and the yuan dispute with the United States.
Poly Real Estate Co, the country's second-largest listed property developer, surged 8.9 percent to 12.36 yuan. Gemdale Corp, the fourth-largest, rallied 5.25 percent to 6.42 yuan.
Banks were strong as the restrictions on home loans had been expected. The Agricultural Bank of China rose 3.16 percent to 2.61 yuan. The Industrial and Commercial Bank of China added 0.75 percent to 4.04 yuan. The Bank of Communications went up 1.22 percent to 5.80 yuan. China Merchants Bank increased 2.29 percent to 12.95 yuan.
Gold producers rallied as bullion price stood at record high of US$1,309 per ounce while the US dollar weakened. Zijin Mining Group jumped 8.83 percent. Zhongjin Gold Co rose 3.76 percent.
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