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Stocks extend gains on rallying developers
By Lydia Chen |
October 25, 2011, Tuesday
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Online Edition
Online Edition
SHANGHAI shares extended their gains in the morning session today thanks to a rally among developers after China Vanke Co reported third quarter profit gains.
The Shanghai Composite Index added 0.69 percent to 2,386.79. Turnover climbed to 35.4 billion yuan (US$5.57 billion) by the midday break.
Vanke, the country's largest developer by market value, jumped 1.11 percent to 7.27 yuan while Poly Real Estate increased 2.25 percent to 9.07 yuan.
The developer yesterday said its third-quarter profit rose 32 percent after it had realigned its focused towards sales to homeowners in response to government curbs against speculative buying.
Net income had risen to 606 million yuan, or 0.06 yuan per share, from 459.5 million yuan, or 0.04 yuan per share, a year earlier, the company said in a filing to the Shenzhen Stock Exchange.
The Shanghai Composite Index added 0.69 percent to 2,386.79. Turnover climbed to 35.4 billion yuan (US$5.57 billion) by the midday break.
Vanke, the country's largest developer by market value, jumped 1.11 percent to 7.27 yuan while Poly Real Estate increased 2.25 percent to 9.07 yuan.
The developer yesterday said its third-quarter profit rose 32 percent after it had realigned its focused towards sales to homeowners in response to government curbs against speculative buying.
Net income had risen to 606 million yuan, or 0.06 yuan per share, from 459.5 million yuan, or 0.04 yuan per share, a year earlier, the company said in a filing to the Shenzhen Stock Exchange.
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