Stocks surge by the most in 4 months
Print Edition
SHANGHAI stocks yesterday rose by the most in four months as undervalued property developers rallied.
The Shanghai Composite Index rose 2.72 percent, the biggest daily gain since November 18, to 2,047.62. For the week, the index gained 2.14 percent.
“The gain was boosted by shares of property developers, lenders and coal producers which have been undervalued,” said Zhang Guojiang, analyst with Sinolink Securities.
Property developers outperformed on hopes the central government will ease control on the housing market as two listed homebuilders on Thursday received regulatory approval to refinance through private investment — a sign a four-year ban on listing and refinancing by real estate companies may be lifted.
“That would help property developers to reduce funding costs and boost profitability,” Dongguan Securities said.
Poly Real Estate gained 6.8 percent to 7.20 yuan (US$1.16). China Fortune Land Co surged by the daily limit 10 percent to 25.77 yuan. Gemdale Corp rose 3.3 percent to 6.59 yuan.
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