China shares rise again on hopes for easing of credit, led by real estate developers, Topray Solar

Release Date: 2010-08-17

From The Associated Press, August 17, 2010 - 03:54 AM

SHANGHAI (AP) - Chinese shares rose again Tuesday on hopes for easy-credit policy, led by real estate developers.

The benchmark Shanghai Composite Index rose 10.19 points, or 0.4 percent, to close at 2,671.89. The Shenzhen Composite Index for China's smaller second exchange added 0.9 percent to 1,138.10.

Investor hopes for the government to ease credit curbs rose last week after July growth in factory output and retail sales fell, indicating the economy is slowing.

"We are in a vacuum period of policies, but the hopes for easy-credits never faded," said Li Bin, an analyst for Guolian Securities.

Real estate stocks gained on expectations they would be the first to benefit if Beijing looses credit limits imposed to cool surging housing prices.

Poly Real Estate Group, China's second-biggest developer, climbed by 2.7 percent to 13.29 yuan, while rival China Vanke Ltd. added 0.6 percent to 8.94 yuan.

Renewable energy-related companies rose on a news report that the Cabinet has received a proposal to stimulate the industry.

Shenzhen Desay Battery Tech Co., a lithium battery maker, soared by the daily 10 percent maximum to 27.8 yuan, while Shenzhen Topraysolar Co. added 1.3 percent to 23.16 yuan.

Shipping companies rose on an increase in the Baltic Dry Index, a key measure of global trade.

CSSC Jiangnan Heavy Industry Co., a major ship builder, soared 5.5 percent to 13.43 yuan, while China COSCO Holdings Co., one of the world's largest dry-bulk ship operators, edged up 0.7 percent to 10.38 yuan.

In currency markets, the yuan strengthened to 6.7945 to the U.S. dollar from Monday's close of 6.8018.

Associated Press researcher Bonnie Cao in Beijing contributed to this report.

Type:	NORMAL
Company:	Topray Solar
Country:	China