Industrial output remark and property rebound lift index
By Hu Xiaocen |
April 26, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks closed slightly higher yesterday on a remark that China's industrial output will rise in the second quarter of this year and a rally by property developers.
The Shanghai Composite Index gained 0.75 percent to end at 2,406.81 points.
Zhu Hongren, chief engineer of the Ministry of Industry and Information Technology, said yesterday that the industrial production will grow slightly faster in the second quarter than in the previous three months.
"The ministry is working on a series of measures to expand domestic demand," Zhu said. "We shall not underestimate the difficulties encountered by the export-oriented enterprises amid slumping external demand."
Property developers rose after China Merchants Securities suggested in a report that investors buy property shares due to improving prospects in the real estate market.
Poly Real Estate Group Co, China's second-largest listed developer, gained 2.5 percent to 12.31 yuan (US$1.95). Shanghai New Huang Pu Real Estate Co jumped 5.2 percent to 11.03 yuan.
But Chang Qing, a market commentator, cautioned investors about a possible downturn. "The rebound in the property sector has pulled up the index, but it's still in a correction," Chang said.
The Shanghai Composite Index gained 0.75 percent to end at 2,406.81 points.
Zhu Hongren, chief engineer of the Ministry of Industry and Information Technology, said yesterday that the industrial production will grow slightly faster in the second quarter than in the previous three months.
"The ministry is working on a series of measures to expand domestic demand," Zhu said. "We shall not underestimate the difficulties encountered by the export-oriented enterprises amid slumping external demand."
Property developers rose after China Merchants Securities suggested in a report that investors buy property shares due to improving prospects in the real estate market.
Poly Real Estate Group Co, China's second-largest listed developer, gained 2.5 percent to 12.31 yuan (US$1.95). Shanghai New Huang Pu Real Estate Co jumped 5.2 percent to 11.03 yuan.
But Chang Qing, a market commentator, cautioned investors about a possible downturn. "The rebound in the property sector has pulled up the index, but it's still in a correction," Chang said.
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