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Stocks close at highest point since June
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SHANGHAI shares rose to a nearly 11-week high, staying above 2,100 points today, bolstered by heavily weighted lender and property developer stocks amid expectations of deeper land reforms in rural China.
The benchmark Shanghai Composite Index gained 1.18 percent to 2,123.11 points, the highest since June 19. The turnover was 112.4 billion yuan. “The urbanization the central government has been pushing is largely dependent on the urbanization of rural land,” said Shenyin Wanguo Securities in a research report today.
“The circulation of rural residential land can offer capital to construction of new cities and enable rural populations to enjoy land appreciation.”
Listed companies with large rural land reserves gained the most today. Gansu Yasheng Industrial Co jumped by the 10 percent daily limit to 8.79 yuan.
Heilongjiang Agriculture Co Ltd soared by the 10 percent daily limit to 9.02 yuan, following the bullish trend on Monday when it also rose by the daily limit.
Industrial Bank Co increased 4.85 percent to 11.24 yuan, leading the lenders, followed by Ping An Bank Co, which was up 4.19 percent to 11.20 yuan.
Central Huijing Investment Ltd, a unit of China’s sovereign wealth fund, invested more than 1.6 billion yuan to buy four major state-owned banks in the Q2, as shown by released semi-yearly reports.
The state-owned investment fund has reassured markets by indicating it will continue to buy heavily weighted stocks, mainly bank shares, of Class A, during the second half of this year.
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