Index gains most in 1 month as property developers give a boost
By Ye Zhen |
March 1, 2013, Friday
|
Print Edition
Print Edition
SHANGHAI stocks gained the most in one month yesterday, bolstered by property developers after China Vanke Co, the country's largest listed developer, posted strong earnings.
The Shanghai Composite Index jumped 2.26 percent, the biggest daily gain since January 28, to 2,365.59 points.
Shenzhen-listed China Vanke surged 6 percent to 12 yuan (US$1.93) after reporting its 2012 net profit soared 30 percent from a year earlier to 12.55 billion yuan thanks to a sales rebound in the second half of the year.
Shanghai-listed developers took their cue from China Vanke. Poly Real Estate, the second-largest listed developer, rose 3.6 percent to 12.82 yuan, and Gemdale Corp climbed 3.7 percent to 7.25 yuan.
"The housing sector's return on equity, sales and earnings have continued to grow, reflecting strong fundamentals although the central government has repeatedly reiterated its stance on property market controls," Guosen Securities said in a report.
The brokerage said domestic property bellwethers may rebound as much as 30 percent as the economy recovers.
Data from the People's Bank of China showed the average daily turnover of A shares on the Shanghai bourse rose 31.2 billion yuan to 113 billion yuan in January from December.
"Investors are more active in trading as improving market conditions boosted confidence," Damo Investment Co said.
Brokerages rose as China started a securities refinancing program yesterday to allow selected brokers to borrow stocks and re-lend them to their clients for short selling.
Haitong Securities Co jumped 5.6 percent to 12.51 yuan. CITIC Securities, the biggest listed brokerage, added 5 percent to 14.65 yuan, and Everbright Securities surged 5.2 percent to 15.35 yuan.
The Shanghai Composite Index jumped 2.26 percent, the biggest daily gain since January 28, to 2,365.59 points.
Shenzhen-listed China Vanke surged 6 percent to 12 yuan (US$1.93) after reporting its 2012 net profit soared 30 percent from a year earlier to 12.55 billion yuan thanks to a sales rebound in the second half of the year.
Shanghai-listed developers took their cue from China Vanke. Poly Real Estate, the second-largest listed developer, rose 3.6 percent to 12.82 yuan, and Gemdale Corp climbed 3.7 percent to 7.25 yuan.
"The housing sector's return on equity, sales and earnings have continued to grow, reflecting strong fundamentals although the central government has repeatedly reiterated its stance on property market controls," Guosen Securities said in a report.
The brokerage said domestic property bellwethers may rebound as much as 30 percent as the economy recovers.
Data from the People's Bank of China showed the average daily turnover of A shares on the Shanghai bourse rose 31.2 billion yuan to 113 billion yuan in January from December.
"Investors are more active in trading as improving market conditions boosted confidence," Damo Investment Co said.
Brokerages rose as China started a securities refinancing program yesterday to allow selected brokers to borrow stocks and re-lend them to their clients for short selling.
Haitong Securities Co jumped 5.6 percent to 12.51 yuan. CITIC Securities, the biggest listed brokerage, added 5 percent to 14.65 yuan, and Everbright Securities surged 5.2 percent to 15.35 yuan.
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