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Shanghai index up 0.85% on rising cement, property shares
By Hu Xiaocen |
November 30, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks snapped a four-day losing streak today on hopes that accelerated urbanization will bolster China's economy and invigorate the stock market.
The Shanghai Composite Index rose 0.85 percent to 1,980.12 points today with a turnover of 37.7 billion yuan (US$6 billion).
"Industrialization will shift geographic focus from China's coastal areas to the central and western areas. Urban construction will accelerate as a result," Shenyin Wanguo Securities said in a research report today. "China's deepening reform will release demand and open up potentials. It is going to be the main driving force of the nation's economy in the future."
The brokerage expects China's economy to expand 7.8 percent next year while prices will remain stable.
"China is now a middle-income country but it has a huge income gap between urban and rural areas," Li Keqiang said earlier this week at a meeting with the World Bank President Jim Yong Kim. "But the gap holds great potentials for the country in the next few decades as urbanization continues."
Cement producers and property developers led the climb on expectation of a continued recovery of the country's property market amid solid demand.
Anhui Conch Cement Co, the nation's biggest producer of cement, jumped 4.9 percent to 16.48 yuan. Poly Real Estate Group Co, the nation's second-biggest developer after China Vanke Co, gained 3.3 percent to 11.47 yuan. Vanke rose 3.8 percent to 8.75 yuan.
The Shanghai Composite Index rose 0.85 percent to 1,980.12 points today with a turnover of 37.7 billion yuan (US$6 billion).
"Industrialization will shift geographic focus from China's coastal areas to the central and western areas. Urban construction will accelerate as a result," Shenyin Wanguo Securities said in a research report today. "China's deepening reform will release demand and open up potentials. It is going to be the main driving force of the nation's economy in the future."
The brokerage expects China's economy to expand 7.8 percent next year while prices will remain stable.
"China is now a middle-income country but it has a huge income gap between urban and rural areas," Li Keqiang said earlier this week at a meeting with the World Bank President Jim Yong Kim. "But the gap holds great potentials for the country in the next few decades as urbanization continues."
Cement producers and property developers led the climb on expectation of a continued recovery of the country's property market amid solid demand.
Anhui Conch Cement Co, the nation's biggest producer of cement, jumped 4.9 percent to 16.48 yuan. Poly Real Estate Group Co, the nation's second-biggest developer after China Vanke Co, gained 3.3 percent to 11.47 yuan. Vanke rose 3.8 percent to 8.75 yuan.
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