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Index rises on real estate capital growth
By Ye Zhen |
September 24, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks edged up in morning trading, lifted by cement producers, as data showed China's real estate industry picked up slightly last month.
The benchmark Shanghai Composite Index added 0.28 percent to 2,032.44 points. Turnover was 24.1 billion yuan (US$3.8 billion) by midday.
China's real estate investment grew 15.6 percent year on year to 4.4 trillion yuan in the first eight months, the National Development and Reform Commission said on its website today. The growth rate was 0.2 percentage points higher than what it was in the first seven months.
Cement price is creeping up in East China as inventories of major producers are declining because of a rise in seasonal demand, UBS Securities said in a report.
Anhui Conch Cement Co, China's biggest cement producer, gained 3.7 percent to 15.27 yuan. Gansu Qilianshan Cement Group Co rose 7.1 percent to 11.49 yuan. Shaanxi Qinling Cement Group Co jumped by the daily limit of 10 percent to 3.71 yuan.
Most property developers also advanced. China Vanke, the nation's biggest developer, added 0.9 percent to 7.88 yuan. Poly Real Estate, the second biggest, rose 2.7 percent to 10.12 yuan. Gemdale Corporation gained 1.1 percent to 4.75 yuan.
Sinolink Securities Co led the gains among brokerages, jumping 8.7 percent to 14.09 yuan. CITIC Securities, China's biggest listed brokerage, rose 2 percent to 10.98 yuan. Soochow Securities Co advanced 3.3 percent to 7.92 yuan.
The benchmark Shanghai Composite Index added 0.28 percent to 2,032.44 points. Turnover was 24.1 billion yuan (US$3.8 billion) by midday.
China's real estate investment grew 15.6 percent year on year to 4.4 trillion yuan in the first eight months, the National Development and Reform Commission said on its website today. The growth rate was 0.2 percentage points higher than what it was in the first seven months.
Cement price is creeping up in East China as inventories of major producers are declining because of a rise in seasonal demand, UBS Securities said in a report.
Anhui Conch Cement Co, China's biggest cement producer, gained 3.7 percent to 15.27 yuan. Gansu Qilianshan Cement Group Co rose 7.1 percent to 11.49 yuan. Shaanxi Qinling Cement Group Co jumped by the daily limit of 10 percent to 3.71 yuan.
Most property developers also advanced. China Vanke, the nation's biggest developer, added 0.9 percent to 7.88 yuan. Poly Real Estate, the second biggest, rose 2.7 percent to 10.12 yuan. Gemdale Corporation gained 1.1 percent to 4.75 yuan.
Sinolink Securities Co led the gains among brokerages, jumping 8.7 percent to 14.09 yuan. CITIC Securities, China's biggest listed brokerage, rose 2 percent to 10.98 yuan. Soochow Securities Co advanced 3.3 percent to 7.92 yuan.
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