China stocks edged up on Wednesday, with property shares surging on policy support hopes as well as signs that insurers are scrambling for stakes in major real estate firms. The market was also aided by stabilising resource shares, bolstered by evidence that Beijing is accelerating consolidation among metal producers. The bluechip CSI300 index rose 0.4 percent, to 3,635.94, while the Shanghai Composite Index gained 0.1 percent, to 3,472.44 points.
Investors seemed to ignore Wednesday data showing China’s consumer inflation picked up slightly in November, even as factories are still plagued by producer price deflation. Real estate was again in the spotlight. An index tracking the sector shot up 5.4 percent on hopes that
Beijing will provide more support for the industry. A media report said some lower-tier cities are subsidising farmers to buy houses. Investor enthusiasm for the sector was rekindled when China Vanke Co, the biggest listed developer, said on Wednesday that Anbang Insurance Group had been acquiring its shares, and currently owned 5 percent. It is the second insurer collecting Vanke shares in the secondary market. Vanke shares surged 10 percent, the upward limit. Resource-related shares were firm after China Minmetals Corp’s acquisition of China Metallurgical Group Corp fuelled expectations of more consolidation in the mining sector to tackle industry overcapacity.
Shares of Alibaba Group Holding Ltd (NYSE:BABA) traded down -0.29% during last trading session on a U.S. exchange, closing at $71.00. The company now has a market value of $ 20.66B. The stock, after recent close, is 6.35% above their SMA 50 and -12.52% below the 52-week high. The worst hit in its 52 week range is $50.75 per share, with $81.17 as its 52 week best price. Its latest closing price has a distance of 9.20% from SMA20 and is -2.87% above than SMA200.
Baidu Inc (ADR) (NASDAQ:BIDU) closed U.S. trading at $200.46, down -2.22% from previous close. The year-to-date performance reflected a -12.07% below last year. During the past month the stock gains 3.32% bringing three-month performance to 36.60% and six-month performance to -3.05% .For this company, beta value at 2.22 represents it is more volatile to the shift in the market.
Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP) settled at $122.95% during New York trading, down -4.27% from previous close and at a distance of -2.26% from 20-day simple moving average. In the last trading session, the stock’s price moved 40.99% above its 200 day moving average. The stock is currently trading 14.67% below its SMA 50. To measure price-variation, we found this stock’s volatility over a week period was -5.64% and for the month was 3.59%.