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Shanghai shares rise on stronger automakers
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SHANGHAI stocks gained for a sixth day in a row, the longest winning streak in four months, as automakers advanced on rosy earning outlook.
The key Shanghai Composite Index added 0.49 percent to 2,060.50 points.
SAIC Motor Corp Ltd, China’s biggest listed automaker, paced the gain of auto manufacturers, jumping 5.4 percent to 13.34 yuan (US$2.19) after reporting a 10 percent annual gain in July’s sales.
Anhui Jianghuai Automobile Co, which last month predicted its first-half net profits to rise about 60 percent year on year, leaped 8.3 percent to 8 yuan.
“Automakers in China have reported better-than-expected sales in July and the strong sales are expected to continue as the peak car selling season is coming,” CITIC Securities said in a report.
“Optimistic earning growth and low valuation will help auto shares to rebound in the next two months,” the report said.
Data from Wind Information Co showed 76 percent of 63 listed auto and auto part companies that have released performance forecasts as of July 29 expected their net-profits to grow in the first half of the year.
The market gain was narrowed the loss of homebuilders after Xu Shaoshi, head of the National Development and Reform Commission, China’s top planning agency, said the government will maintain restriction policies on the housing market.
The statement indicated a tighter stance compared with comments from the politburo meeting last week when the government pledged to promote the steady development of the housing market, without mentioning need for control of the sector.
Poly Real Estate, China’s second-largest developer, lost 1.5 percent to 10.82 yuan. Gemdale Corporation fell 1.4 percent to 7.17 yuan.
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