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Homes, health help equities extend gains

(China Daily/Agencies)
Updated: 2009-11-11 08:41

China's stocks rose for the eighth day, the longest winning streak in more than two years, as developers gained after home prices climbed and healthcare companies advanced on growing H1N1 flu cases.

Shanghai Industrial Development Co and Beijing Capital Development Co surged at least 4 percent as house prices jumped the most in 14 months in October. Beijing Tiantan Biological Products Corp rose 2.5 percent after the health ministry said H1N1 cases have soared since September. FAW Car Co climbed 5.2 percent after the nation's passenger car sales jumped last month.

Related readings:  Chinese shares end slightly higher on Nov 10  Hong Kong stocks close slightly higher on Nov 10  House prices rise at fastest rate for 14 months  H1N1 spread triggers rush for health insurance

The Shanghai Composite Index gained 3.03, or 0.1 percent, to 3,178.61 at close, completing an eight-day, 7.4 percent advance. The rally is the longest since the nine days to April 12, 2007. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, rose 0.2 percent to 3,503.78.

"Economic data are positive and we are still in a bull market," said Chen Shide, a Guangzhou-based fund manager at GF Fund Management Co, which oversees about $11.4 billion.

The Shanghai measure has climbed 14 percent this quarter, the best performer among 89 global indexes tracked by Bloomberg, on signs the government's stimulus package and record lending will sustain the nation's economic recovery. The gauge is up 75 percent this year.

Most of China's economic data for October will be released in Beijing today. Exports probably declined at the slowest pace this year, according to the median forecast of economists in a Bloomberg survey.

Hang Seng rises

Hong Kong stocks rose for a third day, led by banks, after Credit Suisse Group raised its ratings on Industrial and Commercial Bank of China Ltd. and Bank of China Ltd.

ICBC, the world's most profitable bank, gained 1.2 percent. Bank of China added 1.1 percent.

The Hang Seng Index advanced 0.3 percent to 22,268.16, adding to a two-day, 3.4 percent gain. It was the gauge's highest close since Oct 23. The Hang Seng China Enterprises Index rose 0.4 percent to 13,367.19.