Index posts gains for sixth straight day
Print Edition
Shanghai stocks yesterday gained for a sixth straight day, the longest winning streak in four months, as automakers advanced on rosy earnings outlook.
The Shanghai Composite Index added 0.49 percent to close at 2,060.50 points.
SAIC Motor Corp, China’s biggest automaker, paced the gains of auto manufacturers, jumping 5.4 percent to 13.34 yuan (US$2.19) after reporting a 10 percent annual increase in July sales.
Anhui Jianghuai Automobile Co, which last month predicted first-half net profit to rise about 60 percent year on year, leaped 8.3 percent to 8 yuan.
“Automakers in China have reported better-than-expected sales in July and the strong sales are expected to continue as the peak car selling season arrives,” CITIC Securities said in a report.
Data from Wind Information Co showed 76 percent of 63 listed auto and auto parts companies that have released performance forecasts as of July 29 expected their net profits to grow in the first half.
The market gain was pared by slumping homebuilders after Xu Shaoshi, head of the National Development and Reform Commission, China’s top planning agency, said the government will maintain restrictions on the land market.
The statement indicated a tighter stance compared with last week when the government pledged to promote the steady development of the housing market, without mentioning any need to control the sector.
Poly Real Estate, China’s second-largest listed developer, lost 1.5 percent to 10.82 yuan.
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