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Property developers lead Shanghai index up
By Ye Zhen |
July 5, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks ticked up today as homebuilders leaped after media reported that China may lift financing barrier on the real estate sector.
The benchmark Shanghai Composite Index added 1.10 points, or 0.05 percent, to 2,007.20. The index ended the week with a 1.41 percent gain, snapping a losing streak of four straight weeks.
Property stocks led the market up after the Oriental Morning Post cited an unnamed investment banker as saying that the China Securities Regulatory Commission may relax its restrictions on financing by homebuilders after a nearly three-year ban.
The CSRC suspended approval of real estate-related firms' fundraising proposals in October 2010 to comply with the central government's decision to crack down on speculative home purchases and to rein in soaring home prices.
Poly Real Estate, China's second-largest developer, rose 4.7 percent to 10.41 yuan (US$1.69). Gemdale Corporation added 2.4 percent to 7.14 yuan.
Non-ferrous metals producers also advanced. Inner Mongolia Baotou Steel Rare-earth Group, China's biggest producer of rare earth materials, jumped 4.2 percent to 22.29 yuan. Rising Nonferrous Metals Share Co surged the daily limit of 10 percent to 43.90 yuan.
Shenyin and Wanguo Securities cautioned the strength of resource products was largely due to oversold bounce and may be short-lived.
The benchmark Shanghai Composite Index added 1.10 points, or 0.05 percent, to 2,007.20. The index ended the week with a 1.41 percent gain, snapping a losing streak of four straight weeks.
Property stocks led the market up after the Oriental Morning Post cited an unnamed investment banker as saying that the China Securities Regulatory Commission may relax its restrictions on financing by homebuilders after a nearly three-year ban.
The CSRC suspended approval of real estate-related firms' fundraising proposals in October 2010 to comply with the central government's decision to crack down on speculative home purchases and to rein in soaring home prices.
Poly Real Estate, China's second-largest developer, rose 4.7 percent to 10.41 yuan (US$1.69). Gemdale Corporation added 2.4 percent to 7.14 yuan.
Non-ferrous metals producers also advanced. Inner Mongolia Baotou Steel Rare-earth Group, China's biggest producer of rare earth materials, jumped 4.2 percent to 22.29 yuan. Rising Nonferrous Metals Share Co surged the daily limit of 10 percent to 43.90 yuan.
Shenyin and Wanguo Securities cautioned the strength of resource products was largely due to oversold bounce and may be short-lived.
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