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Shanghai shares buoyed by surge of developers
By Ye Zhen |
February 28, 2013, Thursday
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Online Edition
Online Edition
SHANGHAI stocks were higher this morning as property developers surged on news that their leader, China Vanke, reported a 30 percent rise in net profit in 2012.
The key Shanghai Composite Index rose 0.61 percent to 2,327.43 points. Turnover was 48.5 billion yuan (US$7.8 billion) by midday.
China Vanke Co led the gain of developers, jumping 4.2 percent to 11.80 yuan, after the company said yesterday that its net profit soared 30 percent last year to 12.55 billion yuan thanks to a sales rebound in the second half of the year.
Poly Real Estate, the country's second-largest developer, surged 3 percent to 12.75 yuan. Gemdale Corporation climbed 2.9 percent to 7.19 yuan.
Data from the People's Bank of China showed that the average daily turnover of A shares listed on the Shanghai Stock Exchange increased by 31.2 billion yuan in January to 113 billion yuan, indicating the market is recovering.
"Investors are more active in stock transaction as improving market conditions boosted their confidence," said Damo Investment Co.
Brokerages advanced as China started a securities refinancing program today to allow selected securities firms to borrow stocks and re-lend them to clients for short selling.
Haitong Securities Co gained 1.6 percent to 12.04 yuan. CITIC Securities, the biggest listed brokerage, added 0.9 percent to 14.07 yuan. Everbright Securities increased 1.6 percent to 14.83 yuan.
The key Shanghai Composite Index rose 0.61 percent to 2,327.43 points. Turnover was 48.5 billion yuan (US$7.8 billion) by midday.
China Vanke Co led the gain of developers, jumping 4.2 percent to 11.80 yuan, after the company said yesterday that its net profit soared 30 percent last year to 12.55 billion yuan thanks to a sales rebound in the second half of the year.
Poly Real Estate, the country's second-largest developer, surged 3 percent to 12.75 yuan. Gemdale Corporation climbed 2.9 percent to 7.19 yuan.
Data from the People's Bank of China showed that the average daily turnover of A shares listed on the Shanghai Stock Exchange increased by 31.2 billion yuan in January to 113 billion yuan, indicating the market is recovering.
"Investors are more active in stock transaction as improving market conditions boosted their confidence," said Damo Investment Co.
Brokerages advanced as China started a securities refinancing program today to allow selected securities firms to borrow stocks and re-lend them to clients for short selling.
Haitong Securities Co gained 1.6 percent to 12.04 yuan. CITIC Securities, the biggest listed brokerage, added 0.9 percent to 14.07 yuan. Everbright Securities increased 1.6 percent to 14.83 yuan.
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