Shanghai's stocks lift as property leads way
By Ding Yining |
01:03 UTC+8 May 25, 2010
|
Print Edition
Print Edition
SHANGHAI'S stock market posted its largest single-day gain in 7 1/2 months yesterday.
A rebound in property shares led the way amid anticipation that macroeconomic policies will remain stable in the short term.
"There is no particular sign of any follow-up measures to curb the property market in the near future and the index is not likely to fall below 2,500 in coming days," said Aerospace Securities' Chen Shaodan.
The Shanghai Composite Index rose 3.48 percent, or 89.90 points, to close at 2,673.42 points.
Yesterday's turnover was 121.8 billion yuan (US$17.84 billion) as 884 shares gained, just one lost ground and 38 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller market on Chinese mainland, rallied 4.28 percent to close at 1,051.62 points.
The June contract for the index futures, which is traded based on the CSI 300 Index, increased 4.05 percent to 2,902 points.
Poly Real Estate surged 8.87 percent to 12.15 yuan. China Vanke rallied 4.19 percent to 7.70 yuan and Gemdale lifted 6.94 percent to 7.09 yuan.
Baoshan Iron & Steel rose 2.60 percent to 6.71 yuan, while Guangzhou Iron & Steel jumped 4.11 percent to 6.33 yuan and Beijing Shougang 3.87 percent to 4.03 yuan.
"The index might see adjustments in the next few days and trading will be relatively flat after yesterday's hike as investors are likely to wait and see whether there are further macroeconomic policies," Hengji Investment's Chen Xiaohui wrote in a research report.
Other metal producers and financial shares were also strong.
Jiangxi Copper rallied 4.82 percent to 29.77 yuan, Yunnan Copper 6.38 percent to 22.50 yuan and Aluminum Corporation of China 3.68 percent to 10.42 yuan.
Ping An Insurance (Group)Co rose 3.78 percent to 46.89yuan as China Pacific Insurance (Group) Co Ltd jumped 3.06 per-cent to 22.93 yuan.
A rebound in property shares led the way amid anticipation that macroeconomic policies will remain stable in the short term.
"There is no particular sign of any follow-up measures to curb the property market in the near future and the index is not likely to fall below 2,500 in coming days," said Aerospace Securities' Chen Shaodan.
The Shanghai Composite Index rose 3.48 percent, or 89.90 points, to close at 2,673.42 points.
Yesterday's turnover was 121.8 billion yuan (US$17.84 billion) as 884 shares gained, just one lost ground and 38 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller market on Chinese mainland, rallied 4.28 percent to close at 1,051.62 points.
The June contract for the index futures, which is traded based on the CSI 300 Index, increased 4.05 percent to 2,902 points.
Poly Real Estate surged 8.87 percent to 12.15 yuan. China Vanke rallied 4.19 percent to 7.70 yuan and Gemdale lifted 6.94 percent to 7.09 yuan.
Baoshan Iron & Steel rose 2.60 percent to 6.71 yuan, while Guangzhou Iron & Steel jumped 4.11 percent to 6.33 yuan and Beijing Shougang 3.87 percent to 4.03 yuan.
"The index might see adjustments in the next few days and trading will be relatively flat after yesterday's hike as investors are likely to wait and see whether there are further macroeconomic policies," Hengji Investment's Chen Xiaohui wrote in a research report.
Other metal producers and financial shares were also strong.
Jiangxi Copper rallied 4.82 percent to 29.77 yuan, Yunnan Copper 6.38 percent to 22.50 yuan and Aluminum Corporation of China 3.68 percent to 10.42 yuan.
Ping An Insurance (Group)Co rose 3.78 percent to 46.89yuan as China Pacific Insurance (Group) Co Ltd jumped 3.06 per-cent to 22.93 yuan.
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