Shanghai shares keep the rally by up 1.1% this week

Shanghai stocks continued to go up for the 11th straight session.

Shanghai stocks continued to go up for the 11th straight session yesterday, led by gains in real estate shares.

The benchmark Shanghai Composite Index rose by 3.60 points or 0.11 percent to end at 3,428.94 points with the turnover retreating slightly to 215.96 billion yuan (US$33.44 billion).

Real estate companies such as Sundy Land Investment Co Ltd, Shenzhen Heungkong Holding Co Ltd and Beijing Dalong Weiye Real Estate all surged by the daily limit of 10 percent.

"The various real estate policies and prices for different cities will benefit the leading real estate companies of the first and second tier, enhancing their sustainable development," Guangfa Securities said in a note.

Non-bank financial shares also gained, with Panda Financial Holding Corp Ltd advancing 3.80 percent. Insurance companies such as China Pacific Insurance Group Co Ltd and Ping An Insurance Grp Co of China Ltd both posted gains of over 2 percent.

Some newly-listed companies such as Guangdong Champn Asia Elctrncs Co Ltd, Guizhou Gas Group Corporation Ltd and Shanghai Smith Adhesive New Matrl Co Ltd also hit the 10 percent daily cap.

The Shanghai stock index presented a weekly gain of 1.10 percent this week, extending the earlier rally but slowing down from the 2.56 percent gain of last week.


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