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Stocks close at highest level since November
By Hu Xiaocen |
February 22, 2012, Wednesday
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Online Edition
Online Edition
SHANGHAI stocks rallied on an improved flash Purchasing Manager Index, and property easing speculation.
The Shanghai Composite Index rose 0.93 percent, or 22.16 points to 2,403.56 at the trading close, the highest level since November 30. Turnover stood at 109.1 billion yuan (US$17.3 billion), the biggest amount in more than three months.
"Bigger turnover signals a powerful rebound of the stock market," said He Xu, analyst at Goldisland Securities.
HSBC and Markit Economics posted a preliminary reading of the manufacturing PMI of 49.7 in February, containing an improvement compared to January's 48.8. A number below 50 means an industrial contraction, however the January and February figures are believed to have been distorted by the weeklong Lunar New Year holiday.
"The economic slowdown is not eased by the rising PMI. I don't see a substantial rebound of domestic demand in the near future. And the weakened external demands are adding more downside risks to growth," said Qu Hongbin, chief economist for China at HSBC.
The banking sector was the worst performer during today's trade. Lenders were mixed. Industrial and Commercial Bank of China, the nation's largest bank, slid 0.45 percent to 4.44 yuan. Bank of China slumped 0.65 percent to 3.08 yuan. Shanghai Pudong Development Bank gained 0.43 percent to 9.32 yuan.
Shanghai might take measures to relax house purchase restrictions, Shanghai Securities News reported today. Long-term residence permit holders who have lived in the city for more than three years are allowed to buy a second home, said the newspaper.
The latest easing may boost the city's home sales by 20 percent to 30 percent, said Bloomberg News.
Li Bo, analyst at GF Securities, disagreed with Bloomberg's projection. "It's only a localized event. House prices will continue to drop till year 2013 at a very slow pace," Li said.
The officials also denied the news. "There's no relaxation or changes to the existing policies," said Shanghai Housing Authority.
China Vanke Co, the nation's biggest developer jumped 3.41 percent to 8.19 yuan. Poly Real Estate Group soared 2.73 to 11.28 yuan. Gree Real Estate Co surged 4.38 percent to 6.19 yuan.
The Shanghai Composite Index rose 0.93 percent, or 22.16 points to 2,403.56 at the trading close, the highest level since November 30. Turnover stood at 109.1 billion yuan (US$17.3 billion), the biggest amount in more than three months.
"Bigger turnover signals a powerful rebound of the stock market," said He Xu, analyst at Goldisland Securities.
HSBC and Markit Economics posted a preliminary reading of the manufacturing PMI of 49.7 in February, containing an improvement compared to January's 48.8. A number below 50 means an industrial contraction, however the January and February figures are believed to have been distorted by the weeklong Lunar New Year holiday.
"The economic slowdown is not eased by the rising PMI. I don't see a substantial rebound of domestic demand in the near future. And the weakened external demands are adding more downside risks to growth," said Qu Hongbin, chief economist for China at HSBC.
The banking sector was the worst performer during today's trade. Lenders were mixed. Industrial and Commercial Bank of China, the nation's largest bank, slid 0.45 percent to 4.44 yuan. Bank of China slumped 0.65 percent to 3.08 yuan. Shanghai Pudong Development Bank gained 0.43 percent to 9.32 yuan.
Shanghai might take measures to relax house purchase restrictions, Shanghai Securities News reported today. Long-term residence permit holders who have lived in the city for more than three years are allowed to buy a second home, said the newspaper.
The latest easing may boost the city's home sales by 20 percent to 30 percent, said Bloomberg News.
Li Bo, analyst at GF Securities, disagreed with Bloomberg's projection. "It's only a localized event. House prices will continue to drop till year 2013 at a very slow pace," Li said.
The officials also denied the news. "There's no relaxation or changes to the existing policies," said Shanghai Housing Authority.
China Vanke Co, the nation's biggest developer jumped 3.41 percent to 8.19 yuan. Poly Real Estate Group soared 2.73 to 11.28 yuan. Gree Real Estate Co surged 4.38 percent to 6.19 yuan.
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