Property and finance counters boost index
By Ye Zhen |
June 19, 2013, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks inched up yesterday following gains made by property shares and financial counters.
The Shanghai Composite Index added 0.14 percent to 2,159.29.
Home prices in May rose monthly in 65 of the 70 mainland cities studied, down from 67 in April and 68 in March, data from the National Bureau of Statistics showed yesterday.
Housing prices last month recorded the fastest annual gain this year with average new home prices in 70 major Chinese cities up 6 percent year on year, accelerating from a two-year high of 4.9 percent in April, according to Reuters calculations.
Poly Real Estate, China's second-largest listed developer, rose 1.4 percent to 11.12 yuan (US$1.81). Gemdale Corp added 2.6 percent to 6.73 yuan. Citychamp Dartong Co gained 4.5 percent to 8.14 yuan.
The outlook for property developers is optimistic due to rebounding home sales, favorable half-year earning reports and cheap valuations after sharp falls, BOC International said in a report yesterday.
Lenders also rose after the Central Huijin Investment Ltd, a unit of China's sovereign wealth fund, raised its holdings in the country's four biggest banks.
The Industrial and Commercial Bank of China, the nation's largest lender, added 1 percent to 4.16 yuan. China Construction Bank rose 0.4 percent to close at 4.65 yuan.
The Shanghai Composite Index added 0.14 percent to 2,159.29.
Home prices in May rose monthly in 65 of the 70 mainland cities studied, down from 67 in April and 68 in March, data from the National Bureau of Statistics showed yesterday.
Housing prices last month recorded the fastest annual gain this year with average new home prices in 70 major Chinese cities up 6 percent year on year, accelerating from a two-year high of 4.9 percent in April, according to Reuters calculations.
Poly Real Estate, China's second-largest listed developer, rose 1.4 percent to 11.12 yuan (US$1.81). Gemdale Corp added 2.6 percent to 6.73 yuan. Citychamp Dartong Co gained 4.5 percent to 8.14 yuan.
The outlook for property developers is optimistic due to rebounding home sales, favorable half-year earning reports and cheap valuations after sharp falls, BOC International said in a report yesterday.
Lenders also rose after the Central Huijin Investment Ltd, a unit of China's sovereign wealth fund, raised its holdings in the country's four biggest banks.
The Industrial and Commercial Bank of China, the nation's largest lender, added 1 percent to 4.16 yuan. China Construction Bank rose 0.4 percent to close at 4.65 yuan.
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