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Stocks rise, poised for possible 7th straight gain
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Shanghai stocks rose this morning, with the key index poised for a seventh straight day of gain, as property developers and financial firms advanced while media and IT companies declined.
The key Shanghai Composite Index added 0.34 percent to 2,067.56 points. Turnover was 50.8 billion yuan (US$8.3 billion) by the noon break.
Property developers led the market up after a group of homebuilders announced refinancing plans following Xinhu Zhongbao Co, which released a private placement plan last week, marking the first refinancing attempt by a real estate company in three years and fueling expectation that the regulator may soon relax its controls on refinancing by homebuilders.
Sundy Land Investment Co surged 8.33 percent to 5.72 yuan after the company said it was planning to raise as much as 1.5 billion yuan for two real-estate projects via private offerings.
Citychamp Dartong Co gained 2.06 percent to 8.93 yuan after announcing a 1.8-billion-yuan convertible-bond financing plan.
All the refinancing plans are pending regulatory approvals.
The China Securities Regulatory Commission suspended approval of refinancing applications by real-estate developers in October 2010 to comply with the central government’s decision to rein in soaring home prices.
Brokerages gained among financial institutions after China Securities Journal reported that the regulator is considering an expansion of the credit assets securitization program.
Haitong Securities rose 1.4 percent to 11.46 yuan. Everbright Securities increased 1.3 percent to 11.54 yuan. CITIC Securities, China’s largest listed broker, gained 1.2 percent to 11.30 yuan.
Small-cap media firms, IT companies and environmental-protection enterprises were among the biggest losers.
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