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March 21, 2017

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Shares get energy boost to end higher

SHANGHAI shares recouped earlier losses to end higher yesterday, helped by strong gains in energy stocks which offset weakness in developers following fresh measures to cool the property market.

The Shanghai Composite Index gained 0.41 percent to 3,250.81 points.

China Shenhua Energy Co surged by the 10 percent daily limit to a 19-month high, after the country’s largest coal miner said it would pay total dividend of 59 billion yuan (US$8.5 billion) in cash after posting a 40.7 percent jump in net profit for 2016.

Shares in the coal sector also surged, with Datong Coal Industry Co rising 2.56 percent and China Coal Energy Co increasing 3.09 percent.

Property shares fell after more cities stepped up home purchasing curbs. Poly Real Estate Group lost 1.23 percent, and Gemdale Corp shed 2.22 percent.

Beijing’s city government announced new measures to rein in its booming housing market after the market closed on Friday.

Over the past week, a number of local governments have stepped up restrictions on property investment.


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