Investor optimism helps index end higher
By Ye Zhen |
November 3, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks gained for a fourth day yesterday on investor optimism that China's economy is recovering, while rising home prices suggest a warming property market.
The Shanghai Composite Index rose 0.6 percent to close at 2,117.05 points. For the week the index added 2.46 percent, the biggest weekly gain in a month.
Investors were upbeat about the economic outlook after recent data, including the Purchasing Managers Index, retail sales and exports, pointed to a rebound in the world's second largest economy.
Home prices continued to rebound in October for the fifth month in a row. The average price of new homes in 100 domestic cities rose 0.17 percent from September to 8,768 yuan (US$1,405) per square meter in October.
Guangzhou Pearl River Industrial Development Co jumped by the daily limit of 10 percent to 10.51 yuan. Gree Real Estate Co rose 10 percent to 6.36 yuan. Poly Real Estate, China's second largest developer, added 1.6 percent to 11.79 yuan.
The Shanghai Composite Index rose 0.6 percent to close at 2,117.05 points. For the week the index added 2.46 percent, the biggest weekly gain in a month.
Investors were upbeat about the economic outlook after recent data, including the Purchasing Managers Index, retail sales and exports, pointed to a rebound in the world's second largest economy.
Home prices continued to rebound in October for the fifth month in a row. The average price of new homes in 100 domestic cities rose 0.17 percent from September to 8,768 yuan (US$1,405) per square meter in October.
Guangzhou Pearl River Industrial Development Co jumped by the daily limit of 10 percent to 10.51 yuan. Gree Real Estate Co rose 10 percent to 6.36 yuan. Poly Real Estate, China's second largest developer, added 1.6 percent to 11.79 yuan.
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