“China’s stocks rose, paring the biggest monthly loss since July, after valuations fell to a record low. Developers rallied with building-material makers on optimism the government won’t add further property curbs.
A gauge tracking property stocks on the Shanghai Composite Index (SHCOMP) jumped 3 percent, the most in four weeks, following official comments on the country’s urbanization.China Vanke Co. (000002) and Poly Real Estate Group Co. gained more than 3 percent. Anhui Conch Cement Co., China’s biggest cement maker, jumped 4.9 percent. Sinolink Securities Co. fell 3.4 percent, extending yesterday’s slump, after the 21st Century Business Herald reported brokerages may cut commissions.
The Shanghai Composite Index rose 0.9 percent to close at 1,980.12, the first gain in five days. The measure lost 4.3 percent this month, the biggest drop since July. The CSI 300 Index (SHSZ300) added 1.1 percent to 2,139.66. The Hang Seng China Enterprises Index (HSCEI)advanced 1.6 percent. The Bloomberg China-US 55 Index (CH55BN) added 0.4 percent in New York yesterday.”
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