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Property rebound sends stocks soaring

SHANGHAI'S key stock index jumped over 1 percent today, hitting above the 2,800-point mark as property shares rebounded.

The benchmark Shanghai Composite Index rose 1.23 percent, or 34.10 points, to close at 2,810.12 points. Turnover was 117.9 billion yuan (US$17.3 billion). Gainers outnumbered losers 689 to 164 and 55 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.11 percent to close at 915.52 points.

Property developers rebounded in the afternoon. China Vanke Co hiked 9.70 percent to 11.88 yuan. Poly Real Estate Group surged 8.23 percent to 25.52 yuan. Gemdale Corporation jumped 8.17 percent to 14.57 yuan.

Banking shares also ended higher. Industrial & Commercial Bank of China, the nation's biggest lender, added 1.44 percent to 4.94 yuan. Shanghai Pudong Development Bank edged up 0.52 percent to 21.16 yuan. Bank of Communications rose 0.83 percent to 8.51 yuan.

PetroChina, the biggest index component, was up 0.73 percent to 13.88 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, also known as Sinopec, added 1.10 percent to 10.10 yuan.

Shipping companies were also among the gainers as the Baltic Dry Index, a major gauge for shipping freight, posted a fourth consecutive gain yesterday to 3,951 points. China Cosco Holdings Co Ltd rose 2.60 percent to 13.43 yuan. China Shipping Development Co Ltd was up 0.89 percent to 13.53 yuan. China Shipping Haisheng Co Ltd jumped 10 percent to 10.40 yuan.

Pharmaceutical companies also pushed up the index. Guilin Layn Natural Ingredients Corp surged the daily limit of 10 percent to 31.85 yuan. Shanghai Jiaoda Onlly Co Ltd also hiked 10 percent to end at 9.92 yuan. CNTIC Trading Co Ltd advanced 5.38 percent to 14.70 yuan.


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