Key index gains 1.43% on real estate lending hopes
By Lu Nengneng |
March 3, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index jumped the most in three weeks yesterday as the upcoming annual political meetings and expectations of more lending to property developers gave market heavyweights a lift.
The Shanghai Composite Index gained 1.43 percent to 2,460.69 points, bringing the weekly advance to 0.86 percent and capping a seven-week winning streak, which is the longest since July 2009.
The market snapped out of a two-day losing run on expectation that annual sessions of the Chinese People's Political Consultative Conference and the National People's Congress - starting today and on Monday, respectively - will introduce more favorable policies to keep China's economy on the upward track.
Zhang Wei, fund manager at Guotai Asset Management Co, said investors can stay bullish on the infrastructure and consumer sectors, which policymakers may leverage to boost languid investment and consumption.
Property developers led the advance after Financial News, a paper run by China's central bank, said on its front page yesterday that the country's big four state-backed banks will lend more to qualified real estate developers.
Poly Real Estate Group Co, China's second-largest listed developer, rose 4.4 percent to close at 11.63 yuan (US$1.85).
The Shanghai Composite Index gained 1.43 percent to 2,460.69 points, bringing the weekly advance to 0.86 percent and capping a seven-week winning streak, which is the longest since July 2009.
The market snapped out of a two-day losing run on expectation that annual sessions of the Chinese People's Political Consultative Conference and the National People's Congress - starting today and on Monday, respectively - will introduce more favorable policies to keep China's economy on the upward track.
Zhang Wei, fund manager at Guotai Asset Management Co, said investors can stay bullish on the infrastructure and consumer sectors, which policymakers may leverage to boost languid investment and consumption.
Property developers led the advance after Financial News, a paper run by China's central bank, said on its front page yesterday that the country's big four state-backed banks will lend more to qualified real estate developers.
Poly Real Estate Group Co, China's second-largest listed developer, rose 4.4 percent to close at 11.63 yuan (US$1.85).
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