Property helps boost Asian stock markets

Country:  China

29 June 2009

Stock markets in Asia ended last week on a high, with property and bank shares posting the greatest gains.

Property lead the way in Japan, with Real estate investment trusts (REITs) Nippon Building Fund and Japan Real Estate Investment in great demand after Morgan Stanley made some highly optimistic predictions for the country’s property sector.

Property developers Mitsui Fudosan and Sumitomo Realty & Development saw their share prices shoot upwards.

The property sector helped Hong Kong stocks to advance for the third day in succession on Friday. The Hang Seng index climbed 324 points to 18,599.

Property and bank shares led the climb after the Chinese central bank said on Thursday it would leave its monetary policies broadly unchanged. Banks such as ICBC and Bank of Communications were also lifted by a report in the official China Securities Journal which said that new lending could hit £106bn in June, which would push H1 lending past £620bn.

See Also:   China, Hong Kong, Japan, Marc Da-Silva