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Stock market closes week up 6.74%
By Lydia Chen |
October 28, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI Stock Exchange rose for a fifth day today with the benchmark index clocking the largest weekly gain in a year while turnover expanded to the highest in two months after the eurozone struck a last-minute deal to limit the damage from the currency bloc's debt crisis.
The Shanghai Composite Index climbed 1.55 percent to 2,473.41. It jumped 6.74 percent this week. Turnover today also expanded to over 104.2 billion yuan (US$16.41 billion), the first time it exceeded 100 billion yuan in two months.
The across-the-board rally was sparked by speculation that China may start to ease tightening measures, including removing property curbs as officials with the country's top economic planning body said inflation was expected to slow to less than 5 percent within two months.
China Vanke, the country's largest developer, advanced 3.13 percent to 7.91 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, added 4.41 percent to 10.17 yuan.
Chinese property plays lifted after the Beijing Morning Post cited the housing minister as saying that housing purchasing restrictions were a temporary measure.
The authorities intended to replace restrictions with a plan to accelerate the expansion of property taxes that would contribute information to a housing database that could help control the market, the report said.
Deposits for bidding on land for residential developments may be lowered to 20 percent, according to a Beijing Business Today report. Deposits have been as high as 60 percent and payment schedules may be relaxed and land prices may also be lowered if the market is weak, the report said, without revealing its sources.
China International Capital Corp said in a note today that shares would see divided performances in the near future given that the country was not likely to fundamentally change its anti-inflation policies – but only tweak it for designated industries and areas.
Emerging industries and consumption plays will benefit from the targeted easing polices offered by the government, the leading Chinese investment bank added.
The Shanghai Composite Index climbed 1.55 percent to 2,473.41. It jumped 6.74 percent this week. Turnover today also expanded to over 104.2 billion yuan (US$16.41 billion), the first time it exceeded 100 billion yuan in two months.
The across-the-board rally was sparked by speculation that China may start to ease tightening measures, including removing property curbs as officials with the country's top economic planning body said inflation was expected to slow to less than 5 percent within two months.
China Vanke, the country's largest developer, advanced 3.13 percent to 7.91 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, added 4.41 percent to 10.17 yuan.
Chinese property plays lifted after the Beijing Morning Post cited the housing minister as saying that housing purchasing restrictions were a temporary measure.
The authorities intended to replace restrictions with a plan to accelerate the expansion of property taxes that would contribute information to a housing database that could help control the market, the report said.
Deposits for bidding on land for residential developments may be lowered to 20 percent, according to a Beijing Business Today report. Deposits have been as high as 60 percent and payment schedules may be relaxed and land prices may also be lowered if the market is weak, the report said, without revealing its sources.
China International Capital Corp said in a note today that shares would see divided performances in the near future given that the country was not likely to fundamentally change its anti-inflation policies – but only tweak it for designated industries and areas.
Emerging industries and consumption plays will benefit from the targeted easing polices offered by the government, the leading Chinese investment bank added.
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