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Real estate stocks up on housing figures

By Yu Xi (Global Times)

08:17, June 19, 2012

The Shanghai and Shenzhen stock markets rose Monday, extending last week's advances, as Greece's pro-bailout party won in national elections.

The Shanghai Composite Index added 9.20 points, or 0.40 percent, to close at 2,316.05, while the Shenzhen Component Index jumped 0.94 percent, or 93.41 points, to finish at 9,979.06.

Both markets opened higher Monday due to the results of the Greek elections, which eased some of the anxiety surrounding the debt-ridden country's possible exit from the eurozone. In the morning session, strong gains to cement, coal and securities stocks pushed up both indices, with the Shenzhen Component spiking briefly above the 10,000 point mark on solid performances from the media, entertainment, electric equipment and brewing sectors. In the afternoon session, both indices wavered down due to contractions in the banking and insurance sectors, ending the trading day with slight increases.

The National Bureau of Statistics also released data Monday showing that new home prices in 55 of China's 70 major cities declined in May compared with the same period in 2011. Specifically, average home prices in the 70 urban centers fell 1.5 percent in May year-on-year, which would give the government space to loosen its property policies, according to a report by Reuters Monday.

Shanghai-listed Poly Real Estate Group gained 1.61 percent to 11.99 yuan ($1.88) on the day.

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