Markets

China stocks end up 2.15% at 3-week closing high

(Agencies/Xinhua)
Updated: 2010-07-20 16:25

China's key stock index rose 2.15 percent on Tuesday to its highest close in three weeks, buoyed by property stocks.

The Shanghai Composite Index finished at 2,528.7 points, extending the previous day's 2.1 percent rise and breaking through a critical psychological resistance level at 2,500 points.

Related readings:  Emerging market stocks fall for third day  China stocks end up 2.1% on stable policy outlook  Stocks dip after easing rumors prove false - July 13  HK stocks close 0.18% lower -- July 13

The Shenzhen Stock Index climbed 2.40 percent, or 242.33 points, to 10,339.43 points.

Total turnover expanded sharply to 205.2 billion yuan ($30.28 billion) from 142.89 billion yuan on the previous trading day. Winners outnumbered losers by 879 to 5 in Shanghai and 967 to 17 in Shenzhen.

"We expect the index will start a rebounding trend in the near term as most companies are showing bright half-year results," said Zhang Qi, an analyst at Haitong Securities in Shanghai.

Materials and resources counters outperformed the broader market as several companies indicated strong half-year results. Zijin Mining Group Co rebounded after a recent slump, rising its 10 percent daily limit. [Zijin shares jump in Shanghai]

Shanghai Xinmei Real Estate Co rose by its 10 percent daily limit, while Gemdale Corp gained 2.0 percent. China Vanke Co, the third most-active stock on the Shenzhen market, rose 0.9 percent.