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Shanghai shares recover slightly, helped by carmakers
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Shanghai stocks gained for the first time in four days on the advance of auto makers who reported strong sales in October, offsetting the losses of home builders.
The benchmark Shanghai Composite Index inched up 0.16 percent, or 3.34 points, to 2,109.47. But trading remained weak with a turnover of only 59.9 billion yuan (US$9.8 billion) today.
Most carmakers rallied after data from the China Association of Automobile Manufacturers showed vehicle sales in October surged 20.3 percent from a year earlier, up from 19.7 percent in September.
Guangzhou Automobile Group Co climbed 3.9 percent to 8.85 yuan. Great Wall Motor Co Ltd rose 2 percent to 41.40 yuan. SAIC Motor Corp Ltd added 0.61 percent to 14.79 yuan.
“The automobile sector is likely to outperform the whole market with strong earnings and a rational valuation,” said Deng Xue, analyst with China Galaxy Securities Research.
Property developers slumped following Shanghai’s announcement to raise minimum down-payment for second-home buyers from 60 percent to 70 percent to rein in soaring home prices.
Poly Real Estate, China’s second-largest developer, fell 2.1 percent to 8.95 yuan. Gemdale Corporation dropped 1.2 percent to 5.91 yuan.
Zhang Donghai, analyst with Tebon Securities Co, said property tightening measures introduced by local governments would put a brake on growth of fixed-asset investment and slow down economic recovery.
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