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Shares rise on property developers
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SHANGHAI shares rose yesterday, led by property developers after data showed more cities registered higher prices for new homes in August than July.
The Shanghai Composite Index climbed 0.38 percent to 3,097.92 points.
For the week, however, the index lost 3.2 percent, the steepest weekly loss this month. Trading volumes were 45 percent below the 30-day average, while a gauge of 100-day volatility climbed to an 18-year high this week.
New home prices rose last month in half of the 70 cities monitored by the government, compared with 31 in July, spurred by easing of home-purchase restrictions and interest-rate cuts.
Poly Real Estate Group rose 0.5 percent, and Gemdale Corp gained 1.3 percent.
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