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Shanghai shares gain, lifted by building materials
By Ye Zhen |
December 18, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks advanced for a third day as building materials producers surged on government pledge to speed up urbanization even though foreign direct investment in China fell in November for the sixth straight month.
The key Shanghai Composite Index rose 0.73 percent to 2,176.01 points. Turnover reached 49.8 billion yuan (US$8 billion) by midday.
Analysts are generally optimistic about the market outlook. Rising Securities said the market will continue the upward trend because the government support for urbanization will add new impetus to the national economy.
"Cyclical sectors such as building materials producers, steel makers and coal producers are likely to benefit from the urbanization drive," the brokerage said.
Foreign investment inflows into China dwindled 5.4 percent from a year earlier in November, the Ministry of Commerce said today. The decline accelerated from 0.24 percent in October.
The country's FDI shrank 3.6 percent to US$100 billion in the first 11 months of the year, the ministry said.
Cement producers were the biggest gainers after Guotai Junan Securities forecasted the demand for cement would grow 7.3 percent next year. Shaanxi Qinling Cement (Group) Co rose 6.4 percent to 6.65 yuan. Fujian Cement Inc surged by the daily limit of 10 percent to 6.84 yuan.
Most property developers were losers amid speculations the government may tighten restrictions on home purchases after data showed home prices rebounded in many cities.
Excluding government-funded affordable housing, home prices climbed in 53 of the 70 monitored cities in November, compared with 35 in October, the National Bureau of Statistics said today.
China Vanke, the nation's biggest developer, fell 1.3 percent to 9.45 yuan. Poly Real Estate, the second largest developer, shed 0.7 percent to 12.50 yuan. Gemdale Corporation lost 0.3 percent to 6.08 yuan.
The key Shanghai Composite Index rose 0.73 percent to 2,176.01 points. Turnover reached 49.8 billion yuan (US$8 billion) by midday.
Analysts are generally optimistic about the market outlook. Rising Securities said the market will continue the upward trend because the government support for urbanization will add new impetus to the national economy.
"Cyclical sectors such as building materials producers, steel makers and coal producers are likely to benefit from the urbanization drive," the brokerage said.
Foreign investment inflows into China dwindled 5.4 percent from a year earlier in November, the Ministry of Commerce said today. The decline accelerated from 0.24 percent in October.
The country's FDI shrank 3.6 percent to US$100 billion in the first 11 months of the year, the ministry said.
Cement producers were the biggest gainers after Guotai Junan Securities forecasted the demand for cement would grow 7.3 percent next year. Shaanxi Qinling Cement (Group) Co rose 6.4 percent to 6.65 yuan. Fujian Cement Inc surged by the daily limit of 10 percent to 6.84 yuan.
Most property developers were losers amid speculations the government may tighten restrictions on home purchases after data showed home prices rebounded in many cities.
Excluding government-funded affordable housing, home prices climbed in 53 of the 70 monitored cities in November, compared with 35 in October, the National Bureau of Statistics said today.
China Vanke, the nation's biggest developer, fell 1.3 percent to 9.45 yuan. Poly Real Estate, the second largest developer, shed 0.7 percent to 12.50 yuan. Gemdale Corporation lost 0.3 percent to 6.08 yuan.
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