Property stocks drive index up
By Feng Jianmin and Pan Xiaoyi |
June 5, 2010, Saturday
|
Print Edition
Print Edition
THE property sector reversed earlier losses to propel Shanghai stocks to edge up yesterday.
The key Shanghai Composite Index ended up 0.04 percent, or 0.94 point, at 2553.59, sending the gauge to a 4 percent weekly drop on concerns of tight property measures and frequent fundraisings by banks.
Turnover hit a three-month low of 617.2 billion yuan (US$9.04 billion).
Property shares rose, despite the State Administration of Taxation's announcement that the added-value tax on land will be pegged to rising realty prices.
"Previous losses of property developers have already digested negative effects of the measures while investors rushing to hunt bargains outnumbered the jittery ones," Zhuhai Bozhong Financial Co said in a research note.
Beijing Dalong Weiye Real Estate Development Co jumped by the daily limit of 10 percent to 9.98 yuan. Gemdale Corp added 2.17 percent to 6.42 yuan, and Suning Universal Co climbed 5.06 percent to 9.13 yuan.
Brokerages gained as they posted earnings of 6.57 billion yuan in the first five months, outpacing 5.3 billion yuan in the same period last year.
Northeast Securities Co jumped by the daily limit of 10 percent to 24.61 yuan. China Merchants Securities climbed 2.37 percent to 21.20 yuan, and Citic Securities, the country's largest brokerage, grew 1.63 percent to 19.94 yuan.
The Bank of China lost 1.62 percent to 3.64 yuan, and the Industrial and Commercial Bank of China closed unchanged at 4.22 yuan.
The key Shanghai Composite Index ended up 0.04 percent, or 0.94 point, at 2553.59, sending the gauge to a 4 percent weekly drop on concerns of tight property measures and frequent fundraisings by banks.
Turnover hit a three-month low of 617.2 billion yuan (US$9.04 billion).
Property shares rose, despite the State Administration of Taxation's announcement that the added-value tax on land will be pegged to rising realty prices.
"Previous losses of property developers have already digested negative effects of the measures while investors rushing to hunt bargains outnumbered the jittery ones," Zhuhai Bozhong Financial Co said in a research note.
Beijing Dalong Weiye Real Estate Development Co jumped by the daily limit of 10 percent to 9.98 yuan. Gemdale Corp added 2.17 percent to 6.42 yuan, and Suning Universal Co climbed 5.06 percent to 9.13 yuan.
Brokerages gained as they posted earnings of 6.57 billion yuan in the first five months, outpacing 5.3 billion yuan in the same period last year.
Northeast Securities Co jumped by the daily limit of 10 percent to 24.61 yuan. China Merchants Securities climbed 2.37 percent to 21.20 yuan, and Citic Securities, the country's largest brokerage, grew 1.63 percent to 19.94 yuan.
The Bank of China lost 1.62 percent to 3.64 yuan, and the Industrial and Commercial Bank of China closed unchanged at 4.22 yuan.
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