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Shanghai market jumps in morning
By Lydia Chen |
January 7, 2011, Friday
|
Online Edition
Online Edition
STOCKS rebounded strongly in Shanghai this morning after two days of losses as financial shares recovered.
The Shanghai Composite Index gained 1.37 percent, or 38.66 points, to 2,862.86 this morning. Turnover climbed slightly to 67.76 billion yuan (US$10.23 billion) from 66.5 billion yuan yesterday morning.
Developers paced the gains among financial shares as a report said housing prices in Shanghai and Beijing still enjoyed bullish advance last year.
China Vanke Co., the biggest Chinese developer, rose 3.62 percent to 9.16 yuan. Poly Real Estate Group Co jumped 4.52 percent to 15.03 yuan.
Soufun Holdings Ltd. said yesterday in a survey that real-estate prices rose 37.1 percent in Beijing and 13.4 percent in Shanghai in 2010 from a year earlier.
Meanwhile, Shanghai Existing House Index Office said yesterday that the city's second-hand housing index rose for the fourth consecutive month in December amid recovering sentiment among home buyers.
Carmakers also contributed to the morning rally over encouraging sales and profits reports.
SAIC, China's largest carmaker, climbed 3.46 percent to 15.54 yuan. The company reported a sales rise of 31 percent last year.
Anhui Jianghuai Automobile Co., a unit of China's biggest light-truck exporter, was up 2.99 percent to 11.01 yuan. The company's profit is expected to jump more than 240 percent last year.
Chongqing Changan Automobile Co., the Chinese partner of Ford Motor Co. and Mazda Motor Corp., advanced 3.09 percent to 10.01 yuan. The company plans to raise as much as 4 billion yuan via the sale of 410.7 million additional shares.
The Shanghai Composite Index gained 1.37 percent, or 38.66 points, to 2,862.86 this morning. Turnover climbed slightly to 67.76 billion yuan (US$10.23 billion) from 66.5 billion yuan yesterday morning.
Developers paced the gains among financial shares as a report said housing prices in Shanghai and Beijing still enjoyed bullish advance last year.
China Vanke Co., the biggest Chinese developer, rose 3.62 percent to 9.16 yuan. Poly Real Estate Group Co jumped 4.52 percent to 15.03 yuan.
Soufun Holdings Ltd. said yesterday in a survey that real-estate prices rose 37.1 percent in Beijing and 13.4 percent in Shanghai in 2010 from a year earlier.
Meanwhile, Shanghai Existing House Index Office said yesterday that the city's second-hand housing index rose for the fourth consecutive month in December amid recovering sentiment among home buyers.
Carmakers also contributed to the morning rally over encouraging sales and profits reports.
SAIC, China's largest carmaker, climbed 3.46 percent to 15.54 yuan. The company reported a sales rise of 31 percent last year.
Anhui Jianghuai Automobile Co., a unit of China's biggest light-truck exporter, was up 2.99 percent to 11.01 yuan. The company's profit is expected to jump more than 240 percent last year.
Chongqing Changan Automobile Co., the Chinese partner of Ford Motor Co. and Mazda Motor Corp., advanced 3.09 percent to 10.01 yuan. The company plans to raise as much as 4 billion yuan via the sale of 410.7 million additional shares.
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