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Home prices give real estate stocks a boost

By Yu Xi (Global Times)

08:10, July 03, 2012

The Shanghai and Shenzhen stock markets opened the week with slight gains Monday, as the markets' concern about the European debt crisis eased slightly after EU heads of state threshed out an agreement during the summit which kicked off last week to relieve the worst of the economic pressures in the Continent.

The Shanghai Composite Index edged up 0.68 points, or 0.03 percent, to close at 2,226.11; while the Shenzhen Component Index advanced 0.70 percent, or 66.13 points, to finish at 9,566.45.

The Shanghai Composite Index was weighted down by contractions in the automobile, banking and electric power sectors in the morning session. The index eventually got a rise thanks to strong performances from brewing, real estate and cement stocks in the late morning.

In afternoon trading, the real estate sector gave the index a hoist, but a wave of market pessimism ultimately pared down gains.

"The government's efforts to stabilize growth are starting to take effect and growth will bottom out in the second quarter and start improving from July," according to a report by Bloomberg Monday, citing Chang Jian, Huang Yiping and Yang Lingxiu, analysts at Barclays.

New home prices in China's 100 cities saw their first monthly increase in June for the first time since September 2011, according to the China Index Academy.

This news helped Poly Real Estate Group Co increase 2.29 percent to 11.60 yuan ($1.83) on the day, while China Vanke Co advanced 0.79 percent to close at 8.98 yuan.

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