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Property firms and return of funds lift shares
Print Edition
PROPERTY developers helped Shanghai shares end higher yesterday, and sentiment also got a boost by the pending return of funds from initial public offerings while the US rate hike had been priced in by investors.
The Shanghai Composite Index rose 1.8 percent to 3,580 points yesterday.
Property developers surged ahead as reducing housing inventory will be one of top policy priorities of the central government next year.
Poly Real Estate Group Co rose by the daily limit of 10 percent to 11.52 yuan (US$1.78), and Gemdale Corp gained 3.6 percent to 13.99 yuan. Data on home prices are to be released today.
“The return of funds from initial public offerings is boosting the market while the Fed decision was factored in and within market expectations,” said Shenwan Hongyuan Securities.
Around 2.7 trillion yuan are set to return to the market after the 10 IPO subscriptions earlier this week.
The Fed’s move to raise interest rates for the first time in 2006 didn’t hurt sentiment as analysts said the impact on China’s capital markets is limited.
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