China's stocks rise on strong coal, property shares
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Chinese stocks rose Tuesday as coal producers climbed on prospects the increase in coal imports will slow this year while property developers rallied on speculation that further controls on the market might not be imminent.
The benchmark Shanghai Composite Index rose 0.3 percent, or 8.27 points, to 2,798.96 points on the last trading day before the week-long Lunar New Year holiday.
But the Shenzhen Component Index slipped 0.03 percent, or 3.17 points, to11,991.51 points.
Combined turnover shrank to 148.3 billion yuan (22.47 billion U.S. dollars) from 173.19 billion yuan the previous trading day.
Losers outnumbered gainers 444 to 433 in Shanghai while gainers outnumbered losers 580 to 558 in Shenzhen.
Coal producers rallied after media reports that China's coal imports could slow this year on higher prices as floods in Australia would reduce output from the world's biggest coal exporter.
Yanzhou Coal Mining Co., China's biggest coal producer, rose 3.44 percent to 26.15 yuan per share while Shanxi Lu'an Environmental Energy Development Co. rose 2.64 percent to 56.03 yuan.
Property developers climbed with the sector up 0.92 percent as policy uncertainties diminished after the government approved property tax trials in Shanghai and Chongqing.
Guangzhou Donghua Enterprise Co. rose by the 10-percent daily limit to 6.5 yuan per share. Zhongtian Urban Development Group Co. climbed 7.27 percent to 13.57 yuan.
Chinese stock markets will close from Wednesday for the Spring Festival holiday, the most important Chinese festival that falls on Feb. 3 this year. The markets will reopen on Feb. 9.
