Business / Finance

Shanghai shares have best day in four months, lifting HK

(Agencies) Updated: 2014-03-21 17:55

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The index of mainland enterprises had entered a bear market on Thursday, falling more than 20 percent since the start of December.

The market was further boosted after the Shanghai Securities News reported regulators are reviewing financing applications from listed developers, which analysts said may help reduce default risk for both banks and developers.

"The market was expecting the CSRC to announce new details on preferred shares issues and the issue of new shares," said Cao Xuefeng, head of research at Huaxi Securities in Chengdu.

While the index tracking mainland enterprises has dropped almost 20 percent since the start of December, investors on Friday bought selected stocks based on earnings.

Chinese banks and property firms led the strong gains on Friday afternoon. Shanghai Pudong Development Bank Co jumped 10 percent and Industrial Bank Co rose 6.6 percent to a one-month high.

China Overseas Land rose 7.1 percent, while China Resources Land spiked 6.5 percent in its best day in more than eight months.

China Vanke, the country's largest developer, gained 8 percent after its biggest shareholder China Resources raised its stake in the company to 15 percent.

In Hong Kong, the Hang Seng Index was also boosted by GOME Electrical Appliances, which jumped 4.2 percent after the company reported better-than-expected 2013 profit.

China Mobile, the world's largest carrier by number of subscribers, fell for a second day, dropping 3.7 percent after its 2013 profit missed analyst expectations.

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