Top Biz News

Chinese stocks close higher, led by property shares

(Xinhua)
Updated: 2010-03-09 17:46

BEIJING - Chinese equities closed 0.56 percent higher on Tuesday, driven by property shares gains on upbeat market estimates.

The benchmark Shanghai Stock Exchange closed at 3,069.14 points, up 15.91 points.

The Shenzhen Component Index ended at 12,507.66 points, up 70.09 points, or 0.56 percent, from the previous close.

Combined turnover Tuesday expanded to 188.29 billion yuan ($27.6 billion) from 164.02 billion yuan the previous trading day.

Losers outnumbered gainers by 436 to 418 in Shanghai and 449 to 433 in Shenzhen.

Real estate stocks led the gains, bolstered by optimistic market assessments of statements by government officials.

Su Ning, deputy governor of the People's Bank of China, the country's central bank, said Monday there was no demand to roll out new policies to curb the property market for the moment.

Jiang Zengwei, Minister of Housing and Urban-Rural Development, said Monday China would face considerable pressures caused by housing price rises in the next 20 years as hefty demands for housing would persist amid accelerated urbanization and industrialization.

China Vanke, the nation's biggest developer, climbed 2.45 percent to 9.62 yuan. Poly Real Estate Co rose 4.37 percent to 20.28 yuan.

Energy related stocks also pushed up, with the coal production sector adding 2.41 percent and the oil refining sector up 1.62 percent.