Local stocks maintain upward trend
Print Edition
PROPERTY developers and financial sectors lifted Shanghai stocks above 2,200 points yesterday.
Expectations of a better-than-expected macroeconomic data and easing of credit policy also boosted investors’ sentiment. The benchmark Shanghai Composite Index rose 0.93 percent to 2,201.56 points.
The index has climbed 7.5 percent this month, the biggest monthly gain since December 2012.
More cities eased home purchasing restrictions, rallying real estate stocks.
Ningbo eased home buying restrictions after Hangzhou and Wenzhou lifted the limit earlier this month. Around 20 cities, mostly second- and third tier cities, have lifted bans on the ownership of more than one home.
Poly Real Estate, China’s second-largest listed developer, gained 2.04 percent to 6.01 yuan (97 US cents).
Brokerages also climbed higher after media reports claimed that Shanghai Stock Exchange and China Securities Depository and Clearing Co were planning to carry out trials for the Shanghai-Hong Kong Stock Connect, a stock exchange connectivity mechanism allowing investors to trade on each other’s market, from August 11.
Industrial Securities added 3.05 percent to 10.81 yuan. Changjiang Securities rose 2.66 percent 6.18 yuan.
“We’re still comfortable with the view that the government will maintain a loose policy in the third quarter to manage credit risk and achieve the annual GDP growth target of 7.5 percent,” Nomura Securities wrote in a research note yesterday.
Hu Xiongbing, a consultant with Shenzhen Zhiduoying Investment Consultancy Co, said that stock market is expected to maintain its bullish performance, thanks to strong investors’ sentiment and the capital inflow.
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