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Shanghai stocks rise, led by banks and property firms
By Feng Jianmin |
August 6, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market was driven up today by banks and property developers whose concerns over stress test and liquidity have eased up.
The benchmark Shanghai Composite Index added 1.44 percent, or 37.63 points, to close at 2,658.39 points. Turnover rose to 125 billion yuan (US$ 18.5 billion) from yesterday's 115 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, went up 1.94 percent to close at 1,107.44 points.
China Banking Regulatory Commission said yesterday that assumptions for stress test do not indicate changes of the real estate market.
The comment came after media reports about a new round of stress test to see whether banks can absorb a fall of up to 60 percent in home prices.
Meanwhile, liquidity concerns eased after China Insurance Regulatory Commission widened insurers' investment scope to include real estate and equities of unlisted companies. The regulator also modified its rules to allow them to invest bigger part of their assets into stock markets.
Insurers are among the winners. China Life Insurance Co, the country's largest life insurance company, went up 1.09 percent to 24.01 yuan. China Pacific Insurance (Group) Co was 1.33 percent higher to 23.60 yuan. Ping An Insurance (Group) Co rose 0.65 percent to 46.81 yuan.
Banks picked up after mid-day. Bank of Communications advanced 2.51 percent to 6.54 yuan. Bank of China gained 0.86 percent to 3.52 yuan. Industrial and Commercial Bank of China was up 0.71 percent to 4.26 yuan.
Property developers also grew. China Vanke edged up 0.13 percent to 8 yuan. Gemdale Corp added 0.58 percent to 6.93 yuan. Poly Real Estate Co rose 1.28 percent to 12.66 yuan.
The benchmark Shanghai Composite Index added 1.44 percent, or 37.63 points, to close at 2,658.39 points. Turnover rose to 125 billion yuan (US$ 18.5 billion) from yesterday's 115 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, went up 1.94 percent to close at 1,107.44 points.
China Banking Regulatory Commission said yesterday that assumptions for stress test do not indicate changes of the real estate market.
The comment came after media reports about a new round of stress test to see whether banks can absorb a fall of up to 60 percent in home prices.
Meanwhile, liquidity concerns eased after China Insurance Regulatory Commission widened insurers' investment scope to include real estate and equities of unlisted companies. The regulator also modified its rules to allow them to invest bigger part of their assets into stock markets.
Insurers are among the winners. China Life Insurance Co, the country's largest life insurance company, went up 1.09 percent to 24.01 yuan. China Pacific Insurance (Group) Co was 1.33 percent higher to 23.60 yuan. Ping An Insurance (Group) Co rose 0.65 percent to 46.81 yuan.
Banks picked up after mid-day. Bank of Communications advanced 2.51 percent to 6.54 yuan. Bank of China gained 0.86 percent to 3.52 yuan. Industrial and Commercial Bank of China was up 0.71 percent to 4.26 yuan.
Property developers also grew. China Vanke edged up 0.13 percent to 8 yuan. Gemdale Corp added 0.58 percent to 6.93 yuan. Poly Real Estate Co rose 1.28 percent to 12.66 yuan.
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