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November 11, 2009

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Home » Business » Finance

Shanghai stock rally continues

By Pan Xiaoyi | November 11, 2009, Wednesday | Print Edition


SHANGHAI'S key stock index extended a rally yesterday, driving the gauge to its longest winning streak in two years.

The market was led by a strong performance in the property sector after housing prices posted their biggest jump in 14 months in October.

The benchmark Shanghai Composite Index added 0.1 percent, or 3.03 points, to close at 3,178.61.

Turnover shrank to 162.9 billion yuan (US$23.86 billion) from 158.8 billion yuan the previous day.

The average housing price in 70 major Chinese mainland cities rose 3.9 percent last month, compared with 2.2 percent in September, according to the National Development and Reform Commission.

Real estate developers were to the fore. China Enterprise Company advanced 2.6 percent to 18.15 yuan and Shanghai Shimao Co climbed 3.7 percent to 17.47 yuan.

"Whether the property sector can sustain this rise is questionable because it is uncertain that boosting measures to propel the recovery in the housing market will last next year," said Wang Fan, a Donghai Securities Co analyst.

Drug makers performed strongly after cold fronts aggravated the H1N1 flu epidemic. Tianjin Tasly Pharmaceutical Co surged 5 percent to 22.95 yuan, Zhejiang Conba Pharmaceutical Co jumped 4.3 percent to 13.3 yuan and China Meheco Corp soared 5.3 percent to 24.72 yuan.

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