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Rise in real estate prices gives lift to slumping China stocks

1
2016-01-19 09:20Global Times/Agencies Editor: Li Yan

China's benchmark stock index came back from a 13-month intraday low to close higher Monday, with ChiNext stocks accounting for most of the day's gains.

The benchmark Shanghai Composite Index rose 0.44 percent to 2,913.84 points, while the Shenzhen Component Index finished the day up 1.58 percent at 10,155.96 points.

The CSI 300 Index of the biggest companies traded in Shanghai and Shenzhen, inched up 0.38 percent to 3,130.73 points.

The ChiNext Index, which tracks the country's NASDAQ-style board for growth enterprises jumped 2.94 percent to 2,174.93 points.

Total trading volume on the Shanghai and Shenzhen exchanges was still a sluggish at 472.5 billion yuan ($71.82 billion) on Monday.

Most sectors rose on Monday, though there were slight declines in the coal, steel, oil, insurance and bank sectors.

Real estate shares recovered from initial losses after data showed China's home prices continued to rise in December 2015. An index of real estate stocks finished 0.75 percent higher for the day.

China's major share indexes have lost 16-18 percent so far in 2016, taking them back to around the levels plumbed in August, when the market slumped more than 40 percent in a summer crash.

Global markets have also tumbled at the start of 2016, with Asian shares sliding on Monday to their lowest levels since 2011, following the release of weak U.S. economic data and sharp falls in oil prices.

Xiao Gang, head of the China Securities Regulatory Commission (CSRC), pledged over the weekend to strengthen oversight of the market.

"The abnormal stock market volatility has revealed an immature market, inexperienced investors, an imperfect trading system and inappropriate supervision mechanisms," Xiao said at an annual meeting. His remarks were published on the CSRC website.

  

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