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Shanghai index up 0.6% on rising property stocks
By Ye Zhen |
November 2, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks gained for a fourth day today, lifted by property developers as rising home prices suggest the housing sector is warming up.
The key Shanghai Composite Index rose 0.6 percent, or 12.62 points, to close at 2,117.05 points. The daily turnover was 55.9 billion yuan (US$9 billion). The index added 2.46 percent this week.
The average new home price of 100 domestic cities rose 0.17 percent from a month earlier to 8,768 yuan per square meter last month, extending a four-month streak of gains, data from the China Index Academy showed.
Guangzhou Pearl River Industrial Development Co jumped by the daily limit of 10 percent to 10.51 yuan. Gree Real Estate Co advanced 10 percent to 6.36 yuan. Poly Real Estate, China's second largest developer, added 1.6 percent to 11.79 yuan.
A recovering economy, reasonable valuation and improved market liquidity are main factors that pushed the stock market up, said Minsheng Securities.
Hua Xia Bank Co led gains among lenders, rising 2.7 percent to 8.75 yuan. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, increased 1 percent to 3.91 yuan. China Construction Bank added 1.4 percent to 4.25 yuan.
Non-ferrous metals producers fell against the index. Rising Nonferrous Metals Share Co lost 1 percent to 41.52 yuan. Xiamen Tungsten Co shed 1.6 percent to 35.46 yuan.
The key Shanghai Composite Index rose 0.6 percent, or 12.62 points, to close at 2,117.05 points. The daily turnover was 55.9 billion yuan (US$9 billion). The index added 2.46 percent this week.
The average new home price of 100 domestic cities rose 0.17 percent from a month earlier to 8,768 yuan per square meter last month, extending a four-month streak of gains, data from the China Index Academy showed.
Guangzhou Pearl River Industrial Development Co jumped by the daily limit of 10 percent to 10.51 yuan. Gree Real Estate Co advanced 10 percent to 6.36 yuan. Poly Real Estate, China's second largest developer, added 1.6 percent to 11.79 yuan.
A recovering economy, reasonable valuation and improved market liquidity are main factors that pushed the stock market up, said Minsheng Securities.
Hua Xia Bank Co led gains among lenders, rising 2.7 percent to 8.75 yuan. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, increased 1 percent to 3.91 yuan. China Construction Bank added 1.4 percent to 4.25 yuan.
Non-ferrous metals producers fell against the index. Rising Nonferrous Metals Share Co lost 1 percent to 41.52 yuan. Xiamen Tungsten Co shed 1.6 percent to 35.46 yuan.
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