China’s stocks capped a second week of gains, led by real estate and consumer companies, amid speculation the government will take more measures to stem an economic slowdown.
The Shanghai Composite Index rose 1.4 percent this week and traded 0.4 percent higher at 3,627.91 at the close on Friday. Property developers rallied after the government said it will encourage rural residents to buy homes to reduce inventories and a bidding war for China Vanke Co. erupted. Gree Electric Appliances Inc. jumped 10 percent in the past five days. Trading volumes in Shanghai were 26 percent lower on Friday than the 30-day average as most Asian markets closed for the Christmas holiday.
With an economy poised to grow at the slowest pace in two decades, policy makers signaled at a top leadership conference this week they will increase fiscal spending and introduce measures to stimulate the housing market. The government may also unveil policies to boost trade by early February, including an export tax rebate and an easing in exporters’ tax burdens, the Economic Information Daily reported, without citing anyone.
China Life Insurance Company Ltd. (ADR) (NYSE:LFC) together with its subsidiaries, operates as a life insurance company in the People’s Republic of China. The company operates through Life Insurance Business, Health Insurance Business, Accident Insurance Business, and Other Business segments. China Life Insurance Company Ltd. shares are trading 13.93% above their 52 week low price after the last close and -36.21% below the 52 week high. Its latest closing price was below -16.58% the average-price of 200 days while it kept its distance from the SMA50 at -5.85% and 0.51% compared with the SMA 20.
Shares of KongZhong Corporation (ADR) (NASDAQ:KZ) were 54.51% off 52 week lows as of the latest close at $ 7.54 and -12.12% below the 52 week high. Its latest closing price was up 11.63% from the average-price of 200 days while it maintained a distance from the SMA 50 at 6.21% and 2.19% compared with the SMA 20. KongZhong Corporation provides digital entertainment services for consumers in the People’s Republic of China. The company operates through three segments: Internet Games, Mobile Games, and Wireless Value-Added Services (WVAS).
Momo Inc (ADR) (NASDAQ:MOMO) operates as a mobile-based social networking platform in the People’s Republic of China. The company’s platform includes its Momo mobile application and various related features, functionalities, tools, and services that are provided to users, customers, and platform partners. The stock’s latest price traded at 73.58% off 52 week lows after the closing bell and was -17.09% below its 52 week high. Its latest closing price was 21.10% above the SMA200 while the distance from the SMA 50 and SMA 20 was 19.62% and 11.04% respectively.
SouFun Holdings Ltd (NYSE:SFUN) is trading 60.65% higher than the 52 week low price and -25.37% below the 52 week high. The stock’s latest closing price was 5.42% above from the average-price of 200 days while it kept its distance from the SMA50 at 5.79% and 6.50% compared with the SMA 20. SouFun Holdings Ltd operates a real estate Internet portal, and home furnishing and improvement Websites in the People’s Republic of China. The company offers marketing services on its Websites, primarily through advertisements to real estate developers in the marketing phase of new property developments, as well as to real estate agencies; and suppliers of home furnishing and improvement, and other home-related products and services.
ReneSola Ltd. (ADR) (NYSE:SOL) through its subsidiaries, manufactures and sells various solar power products. It operates through two segments, Wafer, and Cell and Module. ReneSola Ltd. so far this year has moved up 35.46% and its monthly performance stands at 46.92%. The stock was up 109.89% from its 52 week low and was -3.05% below the 52 week high. Its latest closing price was above 36.54% from the average-price of 200 days while it kept its distance from the SMA50 at 38.17% and 34.27% compared with the SMA 20.