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China shares up 3% on real estate, Olympics themes

(Xinhua)
Updated: 2008-07-21 17:15

Chinese shares rose 2.99 percent on Monday, continuing Friday's gains, boosted by real estate and Olympics-related issues.

Investors in Fuzhou, east China's Fujian province, watch the rising indices at a broker's trading hall on July 21, 2008, when the mainland key index rose some 3 percent. [Asianewsphoto]

The benchmark Shanghai Composite Index rose 83.05 points to 2,861.42, while the Shenzhen Component Index closed at 9,870.99 points, up 282.59 points or 2.95 percent.

Aggregate turnover rose from 89 billion yuan ($13.05 billion) on Friday to 105.57 billion yuan.

Boosted by chairman of the China Banking Regulatory Commission Liu Mingkang's remarks over the weekend that the country should support a healthy real estate industry, housing shares rose across the board, said Li Hongyan, a Shandong-based Qilu Securities analyst.

China Vanke, the country's top real estate developer, gained 3.82 percent to 8.96 yuan, while Poly Real Estate Co. jumped 6.67 percent to 15.36 yuan.

The real estate sector, which was a major driver of the stock market's bullish trend last year to its pinnacle last October, has since declined along with the broader market. China Vanke, for example, is 77 percent below its peak in early November.

Olympics-related shares led the gains. Beijing Xidan Department Store jumped 5.88 percent to 14.4 yuan, while Beijing Capital Tourism rose 7.51 percent to 22.62 yuan.

Gains outnumbered losses by 872-1 in Shanghai and 715-8 in Shenzhen.