Stock markets in Shanghai and Shenzhen posted modest victories Tuesday thanks to strong performances from the heavily weighted real estate, rare earth and steel sectors.
The Shanghai Composite Index advanced 3.40 points, or 0.17 percent, to close at 2,062.35; while the Shenzhen Component Index inched up 0.21 percent, or 17.68 points, to end at 8,394.24.
Both markets opened higher Tuesday and surged up in the morning session as real estate, insurance, coal and securities shares rallied. Later contractions moderated the early gains, although afternoon advances in the steel and transportation equipment sectors helped the indices remain above par as the trading day came to a close.
The geothermal energy, gas and 3D printing sectors numbered among the market's biggest losers Tuesday.
Strong performances from China's leading property developers during the third quarter gave real estate stocks a hoist. The country's four largest developers - including Poly Real Estate Group, Gemdale Corp, China Vanke Co and China Merchant Property Development Group - each saw their net profits grow by more than 90 percent year-on-year from July to September, according to their interim reports. Poly and Gemdale tacked on 2.52 percent and 2.20 percent to close at 10.98 yuan and 5.11 yuan respectively. Beijing Huaye Real Estate Co shot up 9.37 percent to 4.32 yuan. China Vanke got a smaller nudge, jumping just 0.97 percent to 8.30 yuan.
Coal stocks also roundly outperformed. Gansu Jingyuan Coal Industry and Electricity Power Co advanced 4.53 percent to 15.91 yuan. Anyuan Coal Industry Group Co climbed 2.28 percent to 13.46 yuan on the day.
News we recommend:
[Special]'Made in China' Revisited
Chinese property companies speed up
Rising food prices haunt our future
Telecom sector not in trouble
Why foreign investors should stay?
HNA Group buys 48% stake in French airline
Asian economies turn to yuan
A Blessing for Businesses
The Bitter Blessing