Index up as house prices are left alone
By Pan Xiaoyi |
March 10, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stock market edged up yesterday, led by property developers on speculation the central government would not announce more forceful measures to curb housing prices in the short term.
The benchmark Shanghai Composite Index was up 0.52 percent, or 15.91 points, to close at 3,069.14. Turnover rose to 107.5 billion yuan (US$15.7 billion).
"It takes time to watch the effects of the current policies to control speculative housing investment. And we do not plan to roll out new measures currently," said Su Ning, deputy governor of the People's Bank of China, the central bank.
"The real estate sector has investment value as previous losses were excessive. But it may not sustain the strong performance as the central government was determined to rein in the asset bubbles in the housing market," said He Jiawei, an analyst at S&E Securities Brokerage Co.
Gemdale Corporation surged 6.9 percent to 13.77 yuan. Poly Real Estate Group rose 4.4 percent to 20.28 yuan. Shanghai-based Shimao Co was up 1.4 percent to 14.09 yuan. China Enterprise Co climbed 2.3 percent to 13.89 yuan.
JPMorgan Chase & Co said in a research report that property stocks would rise as much as 15 percent with no negative policies from the nation's legislature.
China Life Insurance Co jumped 3.3 percent to 28.09 yuan. Ping An Insurance Group Co rose 1.9 percent to 47.05 yuan. China Pacific Insurance (Group) Co added 1.2 percent to 25.27 yuan.
The benchmark Shanghai Composite Index was up 0.52 percent, or 15.91 points, to close at 3,069.14. Turnover rose to 107.5 billion yuan (US$15.7 billion).
"It takes time to watch the effects of the current policies to control speculative housing investment. And we do not plan to roll out new measures currently," said Su Ning, deputy governor of the People's Bank of China, the central bank.
"The real estate sector has investment value as previous losses were excessive. But it may not sustain the strong performance as the central government was determined to rein in the asset bubbles in the housing market," said He Jiawei, an analyst at S&E Securities Brokerage Co.
Gemdale Corporation surged 6.9 percent to 13.77 yuan. Poly Real Estate Group rose 4.4 percent to 20.28 yuan. Shanghai-based Shimao Co was up 1.4 percent to 14.09 yuan. China Enterprise Co climbed 2.3 percent to 13.89 yuan.
JPMorgan Chase & Co said in a research report that property stocks would rise as much as 15 percent with no negative policies from the nation's legislature.
China Life Insurance Co jumped 3.3 percent to 28.09 yuan. Ping An Insurance Group Co rose 1.9 percent to 47.05 yuan. China Pacific Insurance (Group) Co added 1.2 percent to 25.27 yuan.
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