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People's Daily Online>>China Business

Stocks edge up 0.4% in early trade

By Lu Nengneng   (Shanghai Daily)

13:29, April 12, 2012

Shanghai's key stock index climbed in the morning as property and financial heavyweights strengthened ahead of a possible mortgage relaxation.

The benchmark Shanghai Composite Index rose 0.4 percent to 2,318.16 points. Turnover stood at 35.2 billion (US$5.6 billion).

China Securities Journal reported today that first-time home buyers in several Chinese cities can enjoy up to 15 percent discount for their mortgage interest rates, which is a sign of policy-easing after seven ministries agreed last month to ensure credit for first-time home purchases this year.

Expectations of less cash flow pressure lifted up property developers. Poly Real Estate rose 0.7 percent to 11.86 yuan. China Vanke, the country's biggest developer, increased 1.1 percent to 8.58 yuan.

Banks also advanced. China Construction Bank edged up 0.2 percent to 4.71 yuan. Agriculture Bank of China gained 0.8 percent to 2.66 yuan.

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