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Shipbuilders and developers power Shanghai index
By Lydia Chen |
June 8, 2011, Wednesday
|
Online Edition
Online Edition
SHARES in Shanghai extended gains for a third day today, powered by developers on rising home sales while shipbuilders rallied as media reports cited a senior military officer as saying that China is building its first aircraft carrier.
The Shanghai Composite Index added 0.22 percent to 2,750.29. But turnover remained low at 87.5 billion yuan (US$13.5 billion), which analysts said the market may still need more time to turn strong.
Shipbuilding companies were the best plays in the market today as Chen Bingde, the commanding general of People's Liberation Army General Staff Department, admitted to Hong Kong Commercial Daily that China is building aircraft carriers but hasn't completed the work yet.
The remarks by the general boosted shipbuilders right after the market was opened in the morning.
Jiangnan Heavy Industry, which designs and builds a variety of steel structures for ships and port machineries, hiked 9.72 percent to 22.24 yuan. Guangzhou Shipyard International Co climbed 4.42 percent to 28.14 yuan.
"Shares now are basically rising on all kinds of industry news," Yuan Jianxin, an analyst with Changjiang Securities Co. "That means any momentum could be shot-lived only and the market has no incentives to go upward."
Incentive news also pushed up developers today as several data showed that home sales are picking up again across the country despite of government's repeated tightening.
China Vaneke rose 3.71 percent to 8.10 yuan. Poly Real Estate advanced 3.58 percent to 9.54 yuan.
Vanke, the nation's biggest listed property developer, said its sales climbed 76 percent in May while new homes in Shanghai rose to the highest in four months last week with the average price still hovering around 22,000 yuan per square meter.
The Shanghai Composite Index added 0.22 percent to 2,750.29. But turnover remained low at 87.5 billion yuan (US$13.5 billion), which analysts said the market may still need more time to turn strong.
Shipbuilding companies were the best plays in the market today as Chen Bingde, the commanding general of People's Liberation Army General Staff Department, admitted to Hong Kong Commercial Daily that China is building aircraft carriers but hasn't completed the work yet.
The remarks by the general boosted shipbuilders right after the market was opened in the morning.
Jiangnan Heavy Industry, which designs and builds a variety of steel structures for ships and port machineries, hiked 9.72 percent to 22.24 yuan. Guangzhou Shipyard International Co climbed 4.42 percent to 28.14 yuan.
"Shares now are basically rising on all kinds of industry news," Yuan Jianxin, an analyst with Changjiang Securities Co. "That means any momentum could be shot-lived only and the market has no incentives to go upward."
Incentive news also pushed up developers today as several data showed that home sales are picking up again across the country despite of government's repeated tightening.
China Vaneke rose 3.71 percent to 8.10 yuan. Poly Real Estate advanced 3.58 percent to 9.54 yuan.
Vanke, the nation's biggest listed property developer, said its sales climbed 76 percent in May while new homes in Shanghai rose to the highest in four months last week with the average price still hovering around 22,000 yuan per square meter.
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