Stocks inch up early as developers, trade firms advance

By Ye Zhen | August 14, 2013, Wednesday |

Online Edition

SHANGHAI stocks rose slightly this morning as property developers and trade-related companies advanced.

The key Shanghai Composite Index added 1.53 points, or 0.07 percent, to 2,107.69 points. Turnover was 54.1 billion yuan (US$8.9 billion) by the noon break.

Most homebuilders gained after Wenzhou in southeastern Zhejiang Province relaxed housing controls by allow local residences to buy second homes.

Poly Real Estate, China’s second-largest developer, rose 0.4 percent to 11.46 yuan. Gemdale Corporation added 0.9 percent to 7.45 yuan.

Shanghai Material Trading Co led the advance of trade-related companies, surging by the daily limit of 10 percent to 8.22 yuan, amid media reports that China will soon unveil detailed polices for the Shanghai free trade zone, which received the green light from the central government last month.

Analysts said the trial of China’s first free trade zone in Shanghai will benefit local finance, trade and logistics sectors with policy support and innovative strategies.

IT firms and media companies were among the biggest gainers in the morning session while commodities declined.

Finance

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Stocks inch up early as developers, trade firms advance

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