Bourse closes up 0.4% on property shares

09:35, January 12, 2011      

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The nation's key stock index closed up 0.4 percent Tuesday, reversing earlier falls, as investors snapped up property shares despite a report that Shanghai was likely to impose a property tax.

The benchmark Shanghai Composite Index rose to 2,804 points, after Monday's 0.4 percent fall when the property sector underperformed after local media reported Chongqing may launch a property tax in the first quarter of this year.

The index slipped below the 250-day moving average Monday, but it still remains above the 125-day moving average, a level which is expected to provide support in the near term.

The property index was up 2.9 percent despite a report that Shanghai would likely impose a property tax on second-home buyers this year.

Analysts said the property taxes are expected to have limited impact on the market because the taxes are likely to be lower than expected.

Source: Global Times
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