Property developers help shares higher
Print Edition
SHANGHAI shares edged up yesterday, helped by gains in property developers while investor sentiment was also lifted by the currency regulator’s effort to stem fears that the yuan may depreciate sharply again.
The Shanghai Composite Index added 0.2 percent to close at 3,022.86 points, after losing as much as 1.3 percent to go briefly below the 3,000 level in the morning session.
Property developers led gainers, with Gemdale Corp surging by the 10 percent daily limit to 13.83 yuan (US$2.10).
All 14 Shanghai-listed brokerages rose, with Dongxing Securities Co up 5.63 percent to 27.04 yuan and Changjiang Securities Co gaining 3.76 percent to 10.20 yuan.
The yuan rose to a one-week high in offshore trading yesterday, after the central bank steadied its daily fixing.
Shao Shuai, chief strategist at Capital Securities Co, said investors were soothed after the currency regulator said efforts would be made to prevent a further sharp fall in the yuan.
The yuan’s decline in the first week of this year was perceived as investors withdrawing capital from the country.
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