Housing price hunch lifts mainland stocks
SHANGHAI - Stocks on the Chinese mainland rose for a fourth day on speculation fresh earthquakes in Japan will boost demand for non-nuclear energy and local governments will set targets for housing prices that are higher than analysts' estimates.
A gauge of real-estate companies jumped the most in two weeks, led by China Vanke Co. TBEA Co, a manufacturer of electrical transformers, and solar cell maker Zhejiang Sunflower Light Energy Science & Technology Co jumped more than 3 percent after a series of temblors struck near Japan's crippled nuclear power station.
"In general, stocks' valuations are low and that's enough to attract buying interest for bargains," said Luo Bin, general manager at Shanghai Mingyu Xiaoyang Investment Management Co, which manages the equivalent of $60 million. "Japan's earthquake won't pose too big a problem to China's economy."
