Index rises on realty and finance firms
By Staff Reporter |
January 13, 2011, Thursday
|
Print Edition
Print Edition
PROPERTY developers and financial firms again led the Shanghai stock market to close higher yesterday.
The benchmark Shanghai Composite Index added 0.62 percent to close at 2,821.30.
"Heavyweights such as banks and developers will be good investments from now on as investors will start to shift to blue chips from overvalued small-capitalized shares," said Zhang Qi, an analyst of Haitong Securities.
He shrugged off a possible negative impact of a property tax to be imposed as he did not believe the tax could fundamentally change China's high housing prices, and therefore earnings of real estate firms would hardly be hit.
"Banks will also see good profit this year because they are likely to lend more than 7.95 trillion yuan extended in 2010," Zhang added.
Property firms and banks have rebounded in the past two trading days after being in the doldrums since late August.
Poly Real Estate Group Co, the country's No. 2 listed developer, gained 2.51 percent to 15.11 yuan. The company said contract sales last year soared 53 percent to 66.2 billion yuan.
The Industrial and Commercial Bank of China, the nation's biggest lender, nudged up 0.7 percent to 4.29 yuan.
Elsewhere, China Southern Airlines Co jumped more than 3 percent to 9.47 yuan after reporting 2010 net income to be about 15 times the previous year's.
The benchmark Shanghai Composite Index added 0.62 percent to close at 2,821.30.
"Heavyweights such as banks and developers will be good investments from now on as investors will start to shift to blue chips from overvalued small-capitalized shares," said Zhang Qi, an analyst of Haitong Securities.
He shrugged off a possible negative impact of a property tax to be imposed as he did not believe the tax could fundamentally change China's high housing prices, and therefore earnings of real estate firms would hardly be hit.
"Banks will also see good profit this year because they are likely to lend more than 7.95 trillion yuan extended in 2010," Zhang added.
Property firms and banks have rebounded in the past two trading days after being in the doldrums since late August.
Poly Real Estate Group Co, the country's No. 2 listed developer, gained 2.51 percent to 15.11 yuan. The company said contract sales last year soared 53 percent to 66.2 billion yuan.
The Industrial and Commercial Bank of China, the nation's biggest lender, nudged up 0.7 percent to 4.29 yuan.
Elsewhere, China Southern Airlines Co jumped more than 3 percent to 9.47 yuan after reporting 2010 net income to be about 15 times the previous year's.
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