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Shanghai shares rise 2.26% on strength of developers
By Ye Zhen |
February 28, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks gained the most in one month today, bolstered by property developers after the country's largest developer China Vanke Co posted a strong earnings report.
The Shanghai Composite Index advanced 2.26 percent, the biggest daily gain since January 28, to settle at 2,365.59 points. Turnover was 115.9 billion yuan (US$18.7 billion) at the trading close. For the month, the index shed 0.81 percent.
China Vanke led gains among real estate developers, jumping 6 percent to 12 yuan. The company yesterday said its net profit in 2012 soared 30 percent from a year earlier to 12.55 billion yuan thanks to a sales rebound in the second half of the year.
Poly Real Estate, the second largest developer, gained 3.6 percent to 12.82 yuan. Gemdale Corporation climbed 3.7 percent to 7.25 yuan.
"The housing sector maintained continuous growth in ROE, sales and earnings, reflecting strong industry fundamentals although the central government has repeatedly reiterated its stance on property market controls," Guosen Securities said in a report.
Data from the People's Bank of China showed the average daily turnover of A shares on the Shanghai Stock Exchange increased 31.2 billion yuan to 113 billion yuan in January from December.
"Investors are more active in trading as improving market conditions boosted confidence," Damo Investment Co said.
Brokerages advanced as China started a securities refinancing program today to allow selected securities firms to borrow stocks and re-lend them to their clients for short selling.
Haitong Securities Co jumped 5.6 percent to 12.51 yuan. Citic Securities, the biggest listed brokerage, added 5 percent to 14.65 yuan. Everbright Securities increased 5.2 percent to 15.35 yuan.
The Shanghai Composite Index advanced 2.26 percent, the biggest daily gain since January 28, to settle at 2,365.59 points. Turnover was 115.9 billion yuan (US$18.7 billion) at the trading close. For the month, the index shed 0.81 percent.
China Vanke led gains among real estate developers, jumping 6 percent to 12 yuan. The company yesterday said its net profit in 2012 soared 30 percent from a year earlier to 12.55 billion yuan thanks to a sales rebound in the second half of the year.
Poly Real Estate, the second largest developer, gained 3.6 percent to 12.82 yuan. Gemdale Corporation climbed 3.7 percent to 7.25 yuan.
"The housing sector maintained continuous growth in ROE, sales and earnings, reflecting strong industry fundamentals although the central government has repeatedly reiterated its stance on property market controls," Guosen Securities said in a report.
Data from the People's Bank of China showed the average daily turnover of A shares on the Shanghai Stock Exchange increased 31.2 billion yuan to 113 billion yuan in January from December.
"Investors are more active in trading as improving market conditions boosted confidence," Damo Investment Co said.
Brokerages advanced as China started a securities refinancing program today to allow selected securities firms to borrow stocks and re-lend them to their clients for short selling.
Haitong Securities Co jumped 5.6 percent to 12.51 yuan. Citic Securities, the biggest listed brokerage, added 5 percent to 14.65 yuan. Everbright Securities increased 5.2 percent to 15.35 yuan.
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