China stocks up 2.6% as IPO money floods back
(Agencies)
Updated: 2007-09-28 17:02
Updated: 2007-09-28 17:02
And there is considerable concern among some investors about soaring valuations for stocks.
In its latest tightening measure, the government on Friday announced a series of steps to cool the property market, including a ban on banks lending to developers found to have been hoarding land, and a rise in the down payment requirement for purchases of second homes.Analysts said the steps could have a modest impact in slowing the rise of property prices.
But property shares, which had already fallen early this week as details of the steps were leaked, rose on Friday. The biggest listed developer, China Vanke, rose 3.25 percent to 30.20 yuan after sliding 7.23 percent over the previous two days.The coal sector was strong, with Pingdingshan Tianan Coal Mining up its 10 percent daily limit to 48.91 yuan, partly because Shenhua's IPO stimulated interest in the sector.
Shipping shares surged after the Baltic Dry Index jumped more than 1 percent to another record high on Thursday. China COSCO Holdings soared 10 percent to 45.06 yuan.
Insurance stocks led the financial sector up, with China Life climbing 6.88 percent to 62.41 yuan.
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