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Shanghai shares gain 0.96% on urbanization plan
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SHANGHAI stocks advanced today as construction and real estate sectors got a boost from China’s urbanization plan.
The key Shanghai Composite Index added 0.96 percent, or 19.33 points, to 2,023.67. Turnover was 72 billion yuan (US$11.8 billion) for the day.
China yesterday published the 2014-2020 urbanization plan with an aim to spur domestic spending. The plan says that permanent urban residents should make up 60 percent of China’s total population by 2020, up from 53.7 percent now.
Higher urbanization rate can help increase the income of rural residents and unleash the potential of domestic consumption, the plan says, adding that urbanization is a strong engine for sustainable economic growth as it stimulates investment in urban infrastructure, public services and housing development.
“The plan fuels expectation that the government will try to stabilize economic growth,” Yu Cheng, analyst with Northeast Securities, said in a note today.
“Shares related to real estate development, ‘smart city’ construction and household appliances will benefit,” Yu said.
Fujian Cement Inc jumped 7.7 percent to 7.87 yuan. Anhui Conch Cement Co Ltd increased 2.6 percent to 14.78 yuan. Ningbo Construction Co Ltd climbed 5.7 percent to 7.82 yuan.
Poly Real Estate, China’s second-largest developer, gained 1.3 percent to 7.08 yuan. China Fortune Land Co Ltd surged 6.1 percent to 23 yuan.
However, analysts are not optimistic about the market outlook. “Trading volume is tailing off, indicating the market is still weak,” said HouYingmin, analyst with Aijian Securities.
Hou said the sluggish market may continue in a medium term due to weaker-than-expected economic data and the restart of initial public offerings that may drain market liquidity.
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