Property and bank rebound raises index
By Winny Wang and Ding Yining |
May 13, 2010, Thursday
|
Print Edition
Print Edition
A rebound in financial and real estate stocks helped pull Shanghai's key index slightly higher but the city government's efforts to rein in property prices raised concerns in the market.
The Shanghai Composite Index gained 0.31 percent, or 8.14 points, to close at 2,655.71.
"Investors regained some confidence backed by a rebound in financial and real estate stocks in the afternoon, but whether the trend can continue is still uncertain on concerns over a possible slowing economic growth in the latter half of this year," said Kang Chongli, an analyst at Great Wall Securities.
The Shanghai Securities News cited an unnamed source close to the city's government as saying that detailed plans to curb property prices in Shanghai have been made and will be released as soon as this month.
Shanghai Shimao Co gained 1.27 percent to 10.38 yuan (US$1.52) and the Industrial and Commercial Bank of China rose 2.93 percent to 4.56 yuan.
The Shanghai Composite Index gained 0.31 percent, or 8.14 points, to close at 2,655.71.
"Investors regained some confidence backed by a rebound in financial and real estate stocks in the afternoon, but whether the trend can continue is still uncertain on concerns over a possible slowing economic growth in the latter half of this year," said Kang Chongli, an analyst at Great Wall Securities.
The Shanghai Securities News cited an unnamed source close to the city's government as saying that detailed plans to curb property prices in Shanghai have been made and will be released as soon as this month.
Shanghai Shimao Co gained 1.27 percent to 10.38 yuan (US$1.52) and the Industrial and Commercial Bank of China rose 2.93 percent to 4.56 yuan.
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