Connect to share and comment

1st LD-Writethru: China stocks close higher

PlacardEnlarge
(GlobalPost/GlobalPost)

BEIJING, July 18 (Xinhua) -- Chinese shares rallied on Friday as the country's pilot reforms to state-owned enterprises (SOEs) boosted share prices and the real estate sector rose despite latest data showing a continuing downward trend in the sector.

The benchmark Shanghai Composite Index rose 0.17 percent to finish at 2,059.07 points. The Shenzhen Component Index gained 0.9 percent to close at 7,259.45 points.

China National Complete Plant Import and Export Corp. jumped by the daily limit of 10 percent to 10.53 yuan per share. COFCO Tunhe Co., Ltd. jumped by 9.93 percent to 5.87 yuan. The nation's state assets supervisor said earlier this week that six big SOEs will pilot reforms in ownership, management and supervision.

Real estate shares mostly rose, with China Vanke up 3.25 percent and Poly Real Estate up 4.12 percent. This came despite government data on Friday that showed the country's home prices continued to cool. New home prices in 55 of a sample of 70 major cities showed month-on-month drops in June, compared with 35 in May.

Oil giant Sinopec closed 0.2 percent lower to 4.97 yuan per share. The company said on Thursday that authorities had confirmed its newly prospected shale gas reserves totalling almost 107 billion cubic meters in southwest China's Chongqing. Enditem

To stay up to date with the latest China news, follow XHNews on Twitter at http://www.twitter.com/XHNews and Xinhua News Agency on Facebook at http://www.facebook.com/XinhuaNewsAgency.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140718/1st-ld-writethru-china-stocks-close-higher