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Chinese Stocks Gain 1.66% -- Oct 25
Oct 26,2011 08:39CST
data analysis
Source:SMM
Chinese shares gained Tuesday, led by strong real estate shares, as property developer China Vanke's third-quarter profit jump boosted investors' confidence.

BEIJING, Oct. 26 -- Chinese shares gained Tuesday, led by strong real estate shares, as property developer China Vanke's third-quarter profit jump boosted investors' confidence.

The benchmark Shanghai Composite Index climbed 1.66 percent, or 39.34 points, to close at 2,409.67. The Shenzhen Component Index increased 2.47 percent, or 245.78 points, to close at 10,203.40.

Gainers outnumbered losers by 918 to 21 in Shanghai and by 1,341 to 14 in Shenzhen.

Aggregated turnover expanded to 156.27 billion yuan ($24.65 billion) from 115 billion yuan on the previous trading day.

The property development sector gained 2.69 percent. China Vanke, the country's largest property developer by market value, gained 2.92 percent to 7.40 yuan after its third-quarter profits surged by 32 percent. Poly Real Estate, the second-largest property developer, increased 4.62 percent to 9.28 yuan.

The market was also boosted by higher listed enterprise earnings, which eased concerns that the country's tightening policies would cause a decrease in earnings.

As of Tuesday, 1,014 companies listed on the Shanghai and Shenzhen bourses have released their quarterly reports, posting a year-on-year increase of 17.86 percent in their combined third-quarter net profits.

Non-ferrous metal producer shares climbed, led by the Tongling Nonferrous Metals Group, which surged by the daily limit of 10 percent to 20.89 yuan per share. Shares of the China Nonferrous Metal Industry's Foreign Engineering and Construction Co soared 8.92 percent to 21.12 yuan.

Bank stocks also rose. Industrial and Commercial Bank of China, the nation's largest lender, added 1.19 percent to 4.24 yuan. The Agricultural Bank of China increased 1.14 percent to 2.66 yuan.
 

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