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China stocks up 8th day amid optimism over economy10 days ago
(AP:BEIJING) China's shares rose for an eighth session Tuesday amid optimism ahead of the release of October's economic figures.
The benchmark Shanghai Composite Index added 0.1 percent, or 3.03 points, to close at 3,178.61. The Shenzhen Composite Index for China's smaller second market gained 0.36 percent, or 4.1 percent, to 1,134.68.
"Investors are waiting for the announcement of the economic figures tomorrow, though everyone expects they will be good," said strategist Peng Yunliang at Shanghai Securities.
Figures on trade, industrial output, retail sales and inflation were expected Wednesday.
Investors expect the government to keep interest rates low, which helps to boost prices of stocks and other assets, Peng said.
Real estate developers, which are sensitive to interest rates, gained. Poly Real Estate Group was among the strongest performers, adding 2.86 percent to 27.01 yuan.
Banks also gained. Industrial & Commercial Bank of China Ltd., the country's biggest commercial lender, rose 1.14 percent to 5.33 yuan. Bank of China Ltd. gained 0.48 percent to 4.20 yuan.
Oil and metals shares declined. PetroChina Ltd., the region's biggest oil producer and the Chinese market's biggest stock, lost 0.15 percent to 13.65 yuan. Aluminum Corp. of China, or Chinalco, lost 0.81 percent to 14.78.
In currency markets, China's yuan weakened to 6.8277 to the U.S. dollar, down from Monday's 6.8267.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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