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Shanghai Composite up 0.15% in morning session
By Ye Zhen |
May 28, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks advanced this morning as rising property and financial stocks offset the losses of small-cap technology firms.
The benchmark Shanghai Composite Index added 3.38 points, or 0.15 percent, to 2,296.46. Turnover was 58.8 billion yuan (US$9.6 billion) by midday.
Property developers led the market up. Poly Real Estate, China's second-largest developer, rose 1.3 percent to 12.40 yuan. Gemdale Corporation gained 1.9 percent to 7.87 yuan.
"Official documents on the expansion of the property tax trial hinted that China is planning to regulate the housing market and make it more market-oriented. This will help boost the valuation of property stocks," CITIC Securities said in a report.
Brokerages continued a bull run. Founder Securities rose 3.4 percent to 7.60 yuan. Haitong Securities added 2.7 percent to 11.78 yuan. China Merchants Securities Co climbed 1.4 percent to 13.36 yuan.
Small-cap firms declined after Shaanxi Jufeng Investment Information Co said their stocks had been overvalued, prompting investors to pare their holdings and lock in profits. Sanan Optoelectronics Co, an Anhui high-tech venture, declined 5.1 percent to 19.94 yuan. Hangzhou Silan Microelectronics Co slumped 6.1 percent to 6.50 yuan.
The benchmark Shanghai Composite Index added 3.38 points, or 0.15 percent, to 2,296.46. Turnover was 58.8 billion yuan (US$9.6 billion) by midday.
Property developers led the market up. Poly Real Estate, China's second-largest developer, rose 1.3 percent to 12.40 yuan. Gemdale Corporation gained 1.9 percent to 7.87 yuan.
"Official documents on the expansion of the property tax trial hinted that China is planning to regulate the housing market and make it more market-oriented. This will help boost the valuation of property stocks," CITIC Securities said in a report.
Brokerages continued a bull run. Founder Securities rose 3.4 percent to 7.60 yuan. Haitong Securities added 2.7 percent to 11.78 yuan. China Merchants Securities Co climbed 1.4 percent to 13.36 yuan.
Small-cap firms declined after Shaanxi Jufeng Investment Information Co said their stocks had been overvalued, prompting investors to pare their holdings and lock in profits. Sanan Optoelectronics Co, an Anhui high-tech venture, declined 5.1 percent to 19.94 yuan. Hangzhou Silan Microelectronics Co slumped 6.1 percent to 6.50 yuan.
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