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Stocks edge up on property market recovery
By Ye Zhen |
July 18, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI shares ended higher today, boosted by brokerages, amid optimism the market may rebound in the second half of the year due to a recovery in the property market.
The key Shanghai Composite Index edged up 0.37 percent to end at 2,169.1 points. Turnover was 59.3 billion yuan (US$9.4 billion) by the trading close.
Analysts are bullish on the A-share market and expect it to bottom out in the third quarter. "The economic environment is not pessimistic for the stock market as the real estate market is recovering and the government's investment in construction is increasing," said Guangfa Securities.
USB Securities expects the Shanghai Composite Index to rebound to 2,600 points by the end of the year.
Brokerages led the market gains. Citic Securities, the biggest listed brokerage, rose 1 percent to 12.95 yuan. Haitong Securities Co added 1.6 percent to 9.99 yuan. Huatai Securities Co jumped 4 percent to close at 10.41 yuan.
Oil-related stocks also gained. China Oilfield Services Limited rose 1.7 percent to 17.58 yuan. Offshore Oil Engineering Co added 1.5 percent to 6.11 yuan. China Petroleum and Chemical Co, the nation's largest oil refiner, edged up 0.8 percent to 5.99 yuan. PetroChina Co, the second biggest player, gained 0.1 percent to 8.93 yuan.
Property developers slumped after Bureau of Statistics official Ma Xiaoming said the government will carry forward restrictive measures in the property market and make it a long-term policy to curb speculative activities.
Gemdale Corporation dropped 8.9 percent to 6.07 yuan. China Vanke, the nation's biggest developer, lost 3.8 percent to 9.43 yuan. Poly Real Estate, the second largest developer, retreated 4.8 percent to 11.78 yuan.
The key Shanghai Composite Index edged up 0.37 percent to end at 2,169.1 points. Turnover was 59.3 billion yuan (US$9.4 billion) by the trading close.
Analysts are bullish on the A-share market and expect it to bottom out in the third quarter. "The economic environment is not pessimistic for the stock market as the real estate market is recovering and the government's investment in construction is increasing," said Guangfa Securities.
USB Securities expects the Shanghai Composite Index to rebound to 2,600 points by the end of the year.
Brokerages led the market gains. Citic Securities, the biggest listed brokerage, rose 1 percent to 12.95 yuan. Haitong Securities Co added 1.6 percent to 9.99 yuan. Huatai Securities Co jumped 4 percent to close at 10.41 yuan.
Oil-related stocks also gained. China Oilfield Services Limited rose 1.7 percent to 17.58 yuan. Offshore Oil Engineering Co added 1.5 percent to 6.11 yuan. China Petroleum and Chemical Co, the nation's largest oil refiner, edged up 0.8 percent to 5.99 yuan. PetroChina Co, the second biggest player, gained 0.1 percent to 8.93 yuan.
Property developers slumped after Bureau of Statistics official Ma Xiaoming said the government will carry forward restrictive measures in the property market and make it a long-term policy to curb speculative activities.
Gemdale Corporation dropped 8.9 percent to 6.07 yuan. China Vanke, the nation's biggest developer, lost 3.8 percent to 9.43 yuan. Poly Real Estate, the second largest developer, retreated 4.8 percent to 11.78 yuan.
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