Chinese stocks rise Wednesday
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Chinese stocks reversed Tuesday's downward move to end higher Wednesday, led by auto makers and gold producers.
The benchmark Shanghai Composite Index rose 0.44 percent, or 11.52points, to end at 2,638.52 points.
The Shenzhen Stock Index climbed 0.37 percent, or 39.68 points, to 10,870.38 points.
Total turnover shrank to 209.53 billion yuan (31.27 billion U.S. dollars) from 241.68 billion yuan the previous trading day.
Gainers outnumbered losers by 623 to 214 in Shanghai and 662 to 298 in Shenzhen.
The benchmark Shanghai Composite Index fluctuated between gains and losses in morning trading session and dropped below 2,600-point mark at the start of afternoon trading. But the index later gained momentum, driven up by heavyweights.
Auto makers led the advance Wednesday after the Shanghai Securities News reported China would invest more than 100 billion yuan in developing alternative-energy vehicles in the next decade.
Lifted by the news, Anhui Jianghuai Automobile Co., which Tuesday announced a joint venture with Tianjin-based Zhengdao asset management company to produce alternative-energy cars, surged 8.1 percent to 9.49 yuan per share. Beijing Foton Motor Co., another leading alternative-energy car maker, rose 0.75 percent to 20.01 yuan per share.
Gold producers also posted gains Wednesday as the government said Tuesday it would expand the development of gold markets to increase the competitiveness of domestic financial markets while broadening investment channels for ordinary customers.
Shares of Zijin Mining Group Co., the country's biggest gold producer, climbed 0.32 percent to 6.18 yuan while Shandong Gold Group Co. gained 1.35 percent to 36.87 yuan per share at the close..
