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Market edges up 1.21% as real estate shares rally
By Feng Jianmin |
August 13, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose today led by property developers on speculation that the government may seek alternative measures to manage the property market as economic development slows down.
The benchmark Shanghai Composite Index added 1.21 percent, or 31.22 points, to close at 2,606.7 points. Turnover fell to 91.3 billion yuan (US$ 13.4 billion) from yesterday's 96 billion yuan.
The index dropped 1.97 percent this week.
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.82 percent to close at 1,102.8 points.
Media reported that China Real Estate Association, representing property developers' interest, has put forward suggestions to the State Council to temperarily halt releasing new tightening measures on the property market.
The association adviced local governments to lower land prices to encourage house supply.
China Vanke climbed for the third consecutive day to 8.84 yuan, 4.5 percent higher than yesterday. China Merchants Property development Co gained 4.53 percent to 20.30 yuan. Poly Real Estate Co rose 2.39 percent to 12.86 yuan.
Banks underperformed the market after China Banking Regulatory Commission tightened credit risk control on banks by requiring more capital adequacy for fund raising activities through coorperation with trust companies.
The measure is believed to be harmful to banks' profits because of its impact on lending.
Bank of China edged up 0.29 percent to 3.44 yuan. Bank of Communications edged up 0.48 percent to 6.22 yuan. Agricultural Bank of China was up 0.37 percent to 2.69 yuan. The central government's pledge to keep the bank's price no lower than its issue price of 2.68 yuan will expire next Monday.
Gold miners gained as bullion prices for December delivery rose 1.5 percent to US$1216.7 per ounce in New York. Shandong Gold Mining Co advanced 5 percent to 40.99 yuan. Zijin Mining Group, a leading gold producer, rose 3.25 percent to 6.35 yuan. Lao Feng Xiang Co, a major retailer of gold accessories, climbed 4.1 percent to 30.44 yuan.
The benchmark Shanghai Composite Index added 1.21 percent, or 31.22 points, to close at 2,606.7 points. Turnover fell to 91.3 billion yuan (US$ 13.4 billion) from yesterday's 96 billion yuan.
The index dropped 1.97 percent this week.
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.82 percent to close at 1,102.8 points.
Media reported that China Real Estate Association, representing property developers' interest, has put forward suggestions to the State Council to temperarily halt releasing new tightening measures on the property market.
The association adviced local governments to lower land prices to encourage house supply.
China Vanke climbed for the third consecutive day to 8.84 yuan, 4.5 percent higher than yesterday. China Merchants Property development Co gained 4.53 percent to 20.30 yuan. Poly Real Estate Co rose 2.39 percent to 12.86 yuan.
Banks underperformed the market after China Banking Regulatory Commission tightened credit risk control on banks by requiring more capital adequacy for fund raising activities through coorperation with trust companies.
The measure is believed to be harmful to banks' profits because of its impact on lending.
Bank of China edged up 0.29 percent to 3.44 yuan. Bank of Communications edged up 0.48 percent to 6.22 yuan. Agricultural Bank of China was up 0.37 percent to 2.69 yuan. The central government's pledge to keep the bank's price no lower than its issue price of 2.68 yuan will expire next Monday.
Gold miners gained as bullion prices for December delivery rose 1.5 percent to US$1216.7 per ounce in New York. Shandong Gold Mining Co advanced 5 percent to 40.99 yuan. Zijin Mining Group, a leading gold producer, rose 3.25 percent to 6.35 yuan. Lao Feng Xiang Co, a major retailer of gold accessories, climbed 4.1 percent to 30.44 yuan.
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