Urbanization plan brings hike for city stocks
Print Edition
SHANGHAI stocks advanced yesterday as construction and real estate received a boost from China’s urbanization plan.
The key Shanghai Composite Index added 0.96 percent, or 19.33 points, to 2,023.67.
China on Sunday published the 2014-2020 urbanization plan with an aim to spur domestic spending. It says that permanent urban residents should make up 60 percent of China’s population by 2020, up from 53.7 percent now.
Higher urbanization rate can help increase the income of rural residents and unleash the potential of domestic consumption, the plan says.
“Shares related to real estate development, ‘smart city’ construction and household appliances will benefit,” Yu Cheng, analyst with Northeast Securities, said in a note.
Fujian Cement Inc jumped 7.7 percent to 7.87 yuan (US$1.28). Anhui Conch Cement Co was up 2.6 percent to 14.78 yuan. Ningbo Construction Co climbed 5.7 percent to 7.82 yuan.
Poly Real Estate, China’s second-largest listed developer, gained 1.3 percent to 7.08 yuan. China Fortune Land Co surged 6.1 percent to 23 yuan.
But analysts are not optimistic about the market outlook.
“Trading volume is tailing off,” said Hou Yingmin, analyst with Aijian Securities.
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