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Shanghai shares jump 2.72%, biggest gain in four months
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Shanghai stocks posted the biggest advance in four months, bolstered by real estate firms and banks as well as anticipation for the issue of preferred shares.
The benchmark Shanghai Composite Index climbed 2.72 percent, the biggest daily gain since November 18, to 2,047.62. Turnover was 109.4 billion yuan (US$17.6 billion) at the trading close. The index rose 2.14 percent for the week.
“The gain was boosted by heavyweight property developers, lenders and coal producers which have been undervalued as investors diverted funds to shares that grew a lot in previous sessions,” said Zhang Guojiang, analyst with Sinolink Securities.
“But a sound economy and sufficient capital inflows are necessary to sustain the rebound,” Zhang said.
Property developers outperformed amid expectations that the central government will ease control on the housing sector as two listed homebuilders were given regulatory approval to refinance through private investment.
The go-ahead is a sign that the regulator may have lifted a four-year ban on listing and refinancing by real estate companies.
“The government used to impose restrictions on the sector by limiting funding and depressing demand. The latest move signaled that the government is moving more toward a market-oriented stance,” said Dongguan Securities.
“That would help property developers to reduce funding costs and boost profitability,” said the brokerage.
Poly Real Estate gained 6.8 percent to 7.20 yuan. China Fortune Land Co surged by the daily limit 10 percent to 25.77 yuan. Gemdale Corporation rose 3.3 percent to 6.59 yuan.
Financial shares were among big winners amid speculations that the regulator will soon allow blue-chip firms to issue preferred shares. Shanghai Pudong Development Bank Co Ltd jumped 10 percent to 9.89 yuan. Industrial Bank Co Ltd surged 6.6 percent to 9.48 yuan. China Minsheng Banking Corp Ltd rose 5 percent to 7.56 yuan.
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