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Shanghai index up 0.56%, lifted by cement, property stocks
By Hu Xiaocen |
November 30, 2012, Friday
|
Online Edition
Online Edition
THE Shanghai Composite Index snapped a four-day losing streak in morning trade and gained on rising cement producers and property developers.
The key index rose 0.56 percent to 1,974.43 points by the noon break with a turnover of 20 billion yuan (US$3.2 billion).
China's property sales will continue to increase moderately in 2013, according to Moody's latest report. The rating agency said yesterday that home sales will grow at a single digit rate in the next 12 months and further purchase restrictions are unlikely.
Cement producers rallied on expectation of a continued recovery of the country's property market amid solid demand. The sector climbed 4.5 percent on average this morning, pushing up the key index.
Anhui Conch Cement Co, the nation's biggest producer of the material, gained 4.9 percent to 16.48 yuan. Huaxin Cement Co jumped 5.1 percent to 11.68 yuan. Shaanxi Qinling Cement Group surged by the daily limit of 10 percent to 3.6 yuan.
Property developers advanced 3.5 percent on average in the morning. Poly Real Estate Group Co, the nation's second-biggest property developer after China Vanke Co, surged 5.3 percent to 11.69 yuan. Vanke gained 3.8 percent to 8.75 yuan. The state-owned developer Jiangxi Zhongjiang Real Estate Co soared by the daily limit of 10 percent to 7.82 yuan.
The key index rose 0.56 percent to 1,974.43 points by the noon break with a turnover of 20 billion yuan (US$3.2 billion).
China's property sales will continue to increase moderately in 2013, according to Moody's latest report. The rating agency said yesterday that home sales will grow at a single digit rate in the next 12 months and further purchase restrictions are unlikely.
Cement producers rallied on expectation of a continued recovery of the country's property market amid solid demand. The sector climbed 4.5 percent on average this morning, pushing up the key index.
Anhui Conch Cement Co, the nation's biggest producer of the material, gained 4.9 percent to 16.48 yuan. Huaxin Cement Co jumped 5.1 percent to 11.68 yuan. Shaanxi Qinling Cement Group surged by the daily limit of 10 percent to 3.6 yuan.
Property developers advanced 3.5 percent on average in the morning. Poly Real Estate Group Co, the nation's second-biggest property developer after China Vanke Co, surged 5.3 percent to 11.69 yuan. Vanke gained 3.8 percent to 8.75 yuan. The state-owned developer Jiangxi Zhongjiang Real Estate Co soared by the daily limit of 10 percent to 7.82 yuan.
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