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Shanghai Composite up 0.24%, led by developers
By Ye Zhen |
July 5, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks ticked up slightly this morning as the gains of homebuilders and manufacturers outweighed the losses of oil stocks.
The benchmark Shanghai Composite Index rose 4.74 points, or 0.24 percent, to 2,010.84. Turnover was 40 billion yuan (US$6.6 billion) by the noon break.
Property stocks led the market up after the Oriental Morning Post reported that the China Securities Regulatory Commission may relax its control on refinancing by homebuilders.
The CSRC suspended approval of refinancing applications by real-estate developers 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, surged 6.1 percent to 10.55 yuan. Gemdale Corporation rose 4.7 percent to 7.30 yuan.
Non-ferrous metals producers also advanced. Inner Mongolia Baotou Steel Rare-earth Group, China's biggest producer of rare earth materials, jumped 6.4 percent to 22.78 yuan. Rising Nonferrous Metals Share Co surged 9.9 percent to 43.85 yuan.
Shenyin and Wanguo Securities cautioned the strength of resource products was largely due to oversold bounce and may be short-lived.
Oil stocks lost on speculations that the government may cut retail oil prices today. PetroChina Co Ltd shed 0.75 percent to 7.98 yuan.
The benchmark Shanghai Composite Index rose 4.74 points, or 0.24 percent, to 2,010.84. Turnover was 40 billion yuan (US$6.6 billion) by the noon break.
Property stocks led the market up after the Oriental Morning Post reported that the China Securities Regulatory Commission may relax its control on refinancing by homebuilders.
The CSRC suspended approval of refinancing applications by real-estate developers 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, surged 6.1 percent to 10.55 yuan. Gemdale Corporation rose 4.7 percent to 7.30 yuan.
Non-ferrous metals producers also advanced. Inner Mongolia Baotou Steel Rare-earth Group, China's biggest producer of rare earth materials, jumped 6.4 percent to 22.78 yuan. Rising Nonferrous Metals Share Co surged 9.9 percent to 43.85 yuan.
Shenyin and Wanguo Securities cautioned the strength of resource products was largely due to oversold bounce and may be short-lived.
Oil stocks lost on speculations that the government may cut retail oil prices today. PetroChina Co Ltd shed 0.75 percent to 7.98 yuan.
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