ecns [expanded by feedex.net]: Chinese stocks gain, led by property

ecns [expanded by feedex.net]

ecns

Chinese stocks gain, led by property
http://www.ecns.cn/business/2014/03-06/103683.shtml
Mar 6th 2014, 08:05

2014-03-06 17:05 Xinhua Web Editor: qindexing


Chinese shares gained slightly on Thursday as property-related shares posted strong performances upon official interpretation of the sector's future development.


The benchmark Shanghai Composite Index grew 0.32 percent, or 6.49points, to finish at 2,059.58. The Shenzhen Component Index increased 0.74 percent, or 53.90 points, to close at 7,352.03.


Combined turnover on the two bourses expanded to 222.4 billion yuan (36.31 billion U.S. dollars) from 219.9 billion yuan on the previous trading day.


The property sector led the gaining trend as Qi Ji, vice housing and urban-rural development minister explained the two-way property market control policy on Thursday during a panel discussion of the ongoing session of the Chinese People's Political Consultative Conference.


The policy aims to strengthen supply and contain speculation for first-tier cities while destocking cities with excessive supply of housing, echoing the idea of differential real estate management for different cities mentioned in Wednesday' government work report.


No news is good news. The limited touch on property market control boosted market confidence in the real estate sector. China's largest developer, Vanke, gained 8.28 percent to reach 7.32 yuan per share, while another property giant, Poly, grew 5.41 percent to reach 7.01 yuan per share.


Shares related to online education, securities trading and insurance also gained, while those related to shipping, Tesla electric cars and aerospace led the falls.


The ChiNext Index, a Nasdaq-style board tracking China's growth enterprises, lost 0.14 percent, or 2.05 points, to end at 1,462.53 points on Thursday.





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