Money

Developers, brokerages lead gain in equities

(China Daily)
Updated: 2010-06-03 09:42

SHANGHAI - China's stocks rose for the first time in four days as developers and brokerages gained on speculation recent losses were excessive, overshadowing declines among lenders.

Related readings:  Chinese stocks close slightly higher - Wednesday  China property stocks more attractive on valuation, Citi says  China stocks down Tuesday on slowing manufacturing growth  'Correction' in China stocks nearing its end

The Shanghai Composite Index added 3.14, or 0.1 percent, to close at 2,571.42, erasing a 1.8 percent loss. The gauge has dropped 22 percent this year on concern growth in the world's third-largest economy will slow as the government took steps to curb property speculation and Europe's debt crisis threatened export demand. The CSI 300 Index rose 0.5 percent to 2,757.53.

"The market may have formed a bottom provided the government doesn't add more tightening measures," said Zheng Tuo, president of Shanghai Good Hope Equity Investment Management Co.

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