Stocks on longest hot streak in 4 months
By Lydia Chen |
June 29, 2011, Wednesday
|
Print Edition
Print Edition
A RALLY among cement makers and non-ferrous metal producers yesterday helped the Shanghai stock market extend gains for a sixth day, its longest winning streak in more than four months.
The Shanghai Composite Index edged up 0.04 percent to 2,759.2 points.
Cement makers made a surprise rebound in afternoon trading after dropping in the morning. The sector closed with a 1.9 percent climb.
Xishui Strong Year Co Inner Mongolia jumped the daily cap of 10 percent to close at 12.53 yuan. Fujian Cement added 5.3 percent to 12.63 yuan.
The sector benefits from the country's plan to build 10 million units of affordable homes. Other sectors to benefit from the program include steel makers and companies related to construction, SWS MU Fund Management Co said in a note yesterday.
The Ministry of Housing and Urban Development said construction of all units have to start by November this year while the National Development and Reform Commission allowed developers to issue bonds to fund the affordable home-building projects.
The Shanghai-based SWS MU also highlighted cyclical stocks, saying these shares can outperform the market, which is expected to rebound later this year when the central government is likely to start easing monetary tightening.
Non-ferrous metal producers were among the top three performers yesterday with the sector advancing 1.7 percent.
Rising Nonferrous Metals Share Co rose 7.3 percent to close at 72.92 yuan.
The Shanghai Composite Index edged up 0.04 percent to 2,759.2 points.
Cement makers made a surprise rebound in afternoon trading after dropping in the morning. The sector closed with a 1.9 percent climb.
Xishui Strong Year Co Inner Mongolia jumped the daily cap of 10 percent to close at 12.53 yuan. Fujian Cement added 5.3 percent to 12.63 yuan.
The sector benefits from the country's plan to build 10 million units of affordable homes. Other sectors to benefit from the program include steel makers and companies related to construction, SWS MU Fund Management Co said in a note yesterday.
The Ministry of Housing and Urban Development said construction of all units have to start by November this year while the National Development and Reform Commission allowed developers to issue bonds to fund the affordable home-building projects.
The Shanghai-based SWS MU also highlighted cyclical stocks, saying these shares can outperform the market, which is expected to rebound later this year when the central government is likely to start easing monetary tightening.
Non-ferrous metal producers were among the top three performers yesterday with the sector advancing 1.7 percent.
Rising Nonferrous Metals Share Co rose 7.3 percent to close at 72.92 yuan.
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