Property developers bolster key index
By Feng Jianmin and Pan Xiaoyi |
August 14, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose yesterday, 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 1.2 percent, or 31.22 points, to close at 2,606.7. Turnover fell to 91.3 billion yuan (US$13.4 billion) from Thursday's 96 billion yuan.
The gauge dropped 1.9 percent this week, the most since the five trading days ended July 2.
Media reported that the China Real Estate Association, representing property developers' interest, has put forward suggestions to the State Council to temporarily halt the release of new tightening measures on the property market amid a slowdown in economic development.
The association advised local governments to lower land prices to encourage house supply.
Poly Real Estate Co rose 2.4 percent to 12.86 yuan.
"The central government may fine-tune the existing policies and unveil boosting measures in some sectors as economic growth slows down," Dacheng Fund Management Co said in a note.
Gold miners gained after bullion prices for December delivery rose 1.5 percent to US$1,216.70 per ounce in New York on Thursday.
Shandong Gold Mining Co jumped 5 percent. Zijin Mining Group rose 3.3 percent.
The benchmark Shanghai Composite Index added 1.2 percent, or 31.22 points, to close at 2,606.7. Turnover fell to 91.3 billion yuan (US$13.4 billion) from Thursday's 96 billion yuan.
The gauge dropped 1.9 percent this week, the most since the five trading days ended July 2.
Media reported that the China Real Estate Association, representing property developers' interest, has put forward suggestions to the State Council to temporarily halt the release of new tightening measures on the property market amid a slowdown in economic development.
The association advised local governments to lower land prices to encourage house supply.
Poly Real Estate Co rose 2.4 percent to 12.86 yuan.
"The central government may fine-tune the existing policies and unveil boosting measures in some sectors as economic growth slows down," Dacheng Fund Management Co said in a note.
Gold miners gained after bullion prices for December delivery rose 1.5 percent to US$1,216.70 per ounce in New York on Thursday.
Shandong Gold Mining Co jumped 5 percent. Zijin Mining Group rose 3.3 percent.
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