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Shanghai shares advance, paced by cement makers, homebuilders
By Ye Zhen |
May 22, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks ticked up this morning, poised for the sixth straight day of gains, as cement producers and property developers rallied.
The key Shanghai Composite Index added 2.63 points, or 0.11 percent, to 2,307.74. Turnover was 64.5 billion yuan (US$10.6) by midday.
"The ongoing economic recovery and abundant liquidity will give a boost to homebuilders and building materials producers as their valuation reached almost the bottom level," said Guolian Securities in a report.
"An appreciating yuan is likely to attract more capital inflows as foreign central banks are lowering their interest rates," the broker said.
Chinese yuan rose to a record high against the US dollar yesterday after the Chinese central bank fixed its midpoint against the greenback at the strongest level in 19 years.
Anhui Conch Cement Co, the country's biggest cement producer, rose 1.8 percent to 17.95 yuan. Gansu Qilianshan Cement Group Co gained 3.9 percent to 11.24 yuan. Shaanxi Qinling Cement Co surged 7.3 percent to 6.17 yuan.
Poly Real Estate, China's second-largest developer, increased 1.8 percent to 12.54 yuan. Gemdale Corporation rose 1.8 percent to 7.84 yuan. Guangzhou Pearl River Industrial Development Co climbed 3.8 percent to 14.27 yuan.
The key Shanghai Composite Index added 2.63 points, or 0.11 percent, to 2,307.74. Turnover was 64.5 billion yuan (US$10.6) by midday.
"The ongoing economic recovery and abundant liquidity will give a boost to homebuilders and building materials producers as their valuation reached almost the bottom level," said Guolian Securities in a report.
"An appreciating yuan is likely to attract more capital inflows as foreign central banks are lowering their interest rates," the broker said.
Chinese yuan rose to a record high against the US dollar yesterday after the Chinese central bank fixed its midpoint against the greenback at the strongest level in 19 years.
Anhui Conch Cement Co, the country's biggest cement producer, rose 1.8 percent to 17.95 yuan. Gansu Qilianshan Cement Group Co gained 3.9 percent to 11.24 yuan. Shaanxi Qinling Cement Co surged 7.3 percent to 6.17 yuan.
Poly Real Estate, China's second-largest developer, increased 1.8 percent to 12.54 yuan. Gemdale Corporation rose 1.8 percent to 7.84 yuan. Guangzhou Pearl River Industrial Development Co climbed 3.8 percent to 14.27 yuan.
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