Property developers drive up key index
Print Edition
SHANGHAI stocks inched up yesterday, lifted by property developers amid hope more cities will ease housing curbs after data showed home prices fell further in June.
The key Shanghai Composite Index added 0.17 percent, or 3.48 points, to 2,059.07. For the week, the index gained 0.59 percent.
Data from the National Bureau of Statistics showed home prices, excluding those of government-funded affordable housing, fell from a month earlier in 55 of 70 cities in June, compared with 35 in May. Prices in seven cities were flat, while eight saw price growth from a month earlier. The weakness in the property sector gave rise to expectations that the government will relax controls on the sector.
“Slowdown in the real estate sector has become the biggest risk for China to achieve its annual economic growth target,” analysts with CITIC Securities said in a note yesterday.
Poly Real Estate, China’s second-largest listed developer, rose 4.1 percent to 5.56 yuan (90 US cents). Jiangxi Zhong Jiang Real Estate jumped 7.6 percent to 8.62 yuan.
Brokerages gained among financial shares after data showed that total profit of China’s 117 securities companies rose 32.3 percent from a year earlier in the first half of this year, the highest pace since 2010.
CITIC Securities, China’s largest listed brokerage, added 1.4 percent to 11.85 yuan. Soochow Securities rose 2.9 percent to 7.70 yuan.
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