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October 24, 2009

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Index up as data fuel sentiment

SHANGHAI shares rose more than 1 percent to close above 3,100 points yesterday after positive macro-economic figures fueled investor sentiment that China's economy is solidly on track to recovery.

The Shanghai Composite Index rose 1.85 percent, or 56.44 points, to 3,107.85. Turnover was 157.3 billion yuan (US$23 billion).

The barometer added 6.74 percent for the week, its third weekly gain this month.

"The index will stay rather strong with more signs of economic recovery," Donghai Securities wrote in a note.

China's Nasdaq-style Growth-Enterprise Market, which serves as a channel for capital for small and medium-size start-ups, was launched in Shenzhen yesterday. A total of 28 companies, which have already won regulatory approval to sell shares, will start trading on it next Friday.

Property developers and banking shares gained after Securities Times yesterday cited an unidentified source as saying that China may extend policies to give first-time home buyers lower rates for mortgage loans.

Poly Real Estate Group rose 1.32 percent to close at 27.69 yuan, and Gemdale Corp edged up 0.98 percent to 16.47 yuan.

The Bank of Communi-cations gained 3.63 percent to 9.13 yuan while the Industrial and Commercial Bank of China, the nation's biggest lender, added 1.96 percent to settle at 5.20 yuan.

Shanghai Pudong Development Bank increased 2.18 percent to 22.92 yuan.


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