Index extends gains for 3rd day
By Lydia Chen |
June 9, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday extended gains for a third day, the longest winning streak for the benchmark index in two months, led by developers on rising home sales and shipbuilders on media reports that China is building its first aircraft carrier.
The Shanghai Composite Index added 0.2 percent to 2,750.29. The three-day rise was the longest since a four-day gain ended on April 8.
Shipbuilders were sought in the market after Chen Bingde, the Chief of General Staff of the People's Liberation Army, told the Hong Kong Commercial Daily that China is building an aircraft carrier.
Jiangnan Heavy Industry, which designs and builds steel structures for ships and port equipment, soared 9.7 percent to 22.24 yuan. Guangzhou Shipyard International Co rose 4.4 percent to 28.14 yuan.
Property developers also gained after data showed that home sales were picking up again across the country despite the central government's continued tightening moves.
New home sales in Shanghai rose to the highest in four months last week.
Poly Real Estate Group Co advanced 3.6 percent to end at 9.54 yuan. Gemdale Corp climbed 2.1 percent to close at 5.90 yuan.
The Shanghai Composite Index added 0.2 percent to 2,750.29. The three-day rise was the longest since a four-day gain ended on April 8.
Shipbuilders were sought in the market after Chen Bingde, the Chief of General Staff of the People's Liberation Army, told the Hong Kong Commercial Daily that China is building an aircraft carrier.
Jiangnan Heavy Industry, which designs and builds steel structures for ships and port equipment, soared 9.7 percent to 22.24 yuan. Guangzhou Shipyard International Co rose 4.4 percent to 28.14 yuan.
Property developers also gained after data showed that home sales were picking up again across the country despite the central government's continued tightening moves.
New home sales in Shanghai rose to the highest in four months last week.
Poly Real Estate Group Co advanced 3.6 percent to end at 9.54 yuan. Gemdale Corp climbed 2.1 percent to close at 5.90 yuan.
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