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Shanghai stocks up again, led by developers
By Ye Zhen |
December 26, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks extended gains for three days in a row, led by property developers who expected China's housing market will recover next year as authorities are unlikely to introduce new curbs on home purchases.
The key Shanghai Composite Index rose 0.25 percent to close at 2,219.13 points. Daily turnover stood at 97.2 billion yuan (US$15.7 billion).
Property developers continued to lead gains today as they believe the housing sector will benefit from the country's urbanization drive and affordable housing program although the Ministry of Housing reiterated that it will not relax purchase restrictions but will support buyers seeking a bigger house.
Shenyin & Wanguo Securities said in a report today that the central government may tighten its housing control when home prices rebound but is unlikely to introduce new restrictive measures. The broker expects home sales in China to revive in 2013 with a slight increase in home prices.
Poly Real Estate, China's second largest developer, rose 1.9 percent to 13.09 yuan. Gemdale Corporation increased 2.2 percent to 6.54 yuan. Guangzhou Pearl River Industrial Development Co surged by the daily limit of 10 percent to 13.26 yuan.
Operators of development zones also gained. Shanghai Waigaoqiao Free Trade Zone Development Co jumped 10 percent to 8.23 yuan. Shanghai Jinqiao Export Processing Zone Development Co soared 10 percent to 8.28 yuan.
The key Shanghai Composite Index rose 0.25 percent to close at 2,219.13 points. Daily turnover stood at 97.2 billion yuan (US$15.7 billion).
Property developers continued to lead gains today as they believe the housing sector will benefit from the country's urbanization drive and affordable housing program although the Ministry of Housing reiterated that it will not relax purchase restrictions but will support buyers seeking a bigger house.
Shenyin & Wanguo Securities said in a report today that the central government may tighten its housing control when home prices rebound but is unlikely to introduce new restrictive measures. The broker expects home sales in China to revive in 2013 with a slight increase in home prices.
Poly Real Estate, China's second largest developer, rose 1.9 percent to 13.09 yuan. Gemdale Corporation increased 2.2 percent to 6.54 yuan. Guangzhou Pearl River Industrial Development Co surged by the daily limit of 10 percent to 13.26 yuan.
Operators of development zones also gained. Shanghai Waigaoqiao Free Trade Zone Development Co jumped 10 percent to 8.23 yuan. Shanghai Jinqiao Export Processing Zone Development Co soared 10 percent to 8.28 yuan.
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