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Shares edge higher as real estate industry shows signs of life
By Ye Zhen |
July 2, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks ended slightly higher today as data showed the real estate industry is recovering, although the manufacturing sector continued to slow down.
The Shanghai Composite Index rose 0.03 percent, or 0.68 points to close at 2226.11 points. Turnover was 60.6 billion yuan (US$9.6 billion).
New home prices in China's 100 major cities in June rose 0.05 percent from a month earlier to 8,688 yuan per square meter, snapping a nine-month losing streak, China Index Academy said in a report today.
"House buying sentiment has gradually improved since the government fine-tuned the monetary policy," the academy said, "New home purchases in major cities have continued to rebound since March and some property developers have either stopped offering discounts or raised prices."
HSBC's China Purchasing Managers Index fell in June to 48.2 from 48.4 in May, HSBC Holdings PLC announced today. China's official Purchasing Managers Index dropped to 50.2 in June, the lowest level in seven months. A number above 50 means expansion while the opposite indicates a contraction.
Poly Real Estate led gains among developers, jumping 2.3 percent to 11.60 yuan. China Vanke, the nation's biggest developer, rose 0.8 percent to 8.98 yuan. Gemdale Corporation climbed 2.6 percent to 6.65 yuan.
Energy saving and environmental protection related shares led the market today after the government said the total output of the sector will reach 4.5 trillion yuan by 2015.
Beijing Capital Co, a company specializing in wastewater disposal, added 0.6 percent to end at 4.92 yuan. Tianjin Capital Environmental Protection Group Co rose 0.9 percent to 5.51 yuan.
Carmakers dropped on speculation the government may introduce a car quota plan in more cities after it unexpectedly capped the number of new car purchases in Guangzhou yesterday.
SAIC Motor Corporation slumped 8.5 percent to close at 13.08 yuan. Beiqi Foton Motor Co fell 3.2 percent to 6.92 yuan. Guangzhou Automobile Group Co dropped 7.9 percent to 7.09 yuan.
The Shanghai Composite Index rose 0.03 percent, or 0.68 points to close at 2226.11 points. Turnover was 60.6 billion yuan (US$9.6 billion).
New home prices in China's 100 major cities in June rose 0.05 percent from a month earlier to 8,688 yuan per square meter, snapping a nine-month losing streak, China Index Academy said in a report today.
"House buying sentiment has gradually improved since the government fine-tuned the monetary policy," the academy said, "New home purchases in major cities have continued to rebound since March and some property developers have either stopped offering discounts or raised prices."
HSBC's China Purchasing Managers Index fell in June to 48.2 from 48.4 in May, HSBC Holdings PLC announced today. China's official Purchasing Managers Index dropped to 50.2 in June, the lowest level in seven months. A number above 50 means expansion while the opposite indicates a contraction.
Poly Real Estate led gains among developers, jumping 2.3 percent to 11.60 yuan. China Vanke, the nation's biggest developer, rose 0.8 percent to 8.98 yuan. Gemdale Corporation climbed 2.6 percent to 6.65 yuan.
Energy saving and environmental protection related shares led the market today after the government said the total output of the sector will reach 4.5 trillion yuan by 2015.
Beijing Capital Co, a company specializing in wastewater disposal, added 0.6 percent to end at 4.92 yuan. Tianjin Capital Environmental Protection Group Co rose 0.9 percent to 5.51 yuan.
Carmakers dropped on speculation the government may introduce a car quota plan in more cities after it unexpectedly capped the number of new car purchases in Guangzhou yesterday.
SAIC Motor Corporation slumped 8.5 percent to close at 13.08 yuan. Beiqi Foton Motor Co fell 3.2 percent to 6.92 yuan. Guangzhou Automobile Group Co dropped 7.9 percent to 7.09 yuan.
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