Markets

China stocks close higher Tuesday

(Xinhua)
Updated: 2011-03-01 16:09

BEIJING - Chinese shares closed slightly higher Tuesday after latest figures show the country's manufacturing sector expanded in February at the lowest pace in six months.

The benchmark Shanghai Composite Index was up 13.72 points, or 0.47 percent, to end at 2,918.92 points.

The Shenzhen Component Index rose 0.36 percent, or 46.28 points, to finish at 12,948.72 points.

Combined turnover sharply expanded to 302.14 billion yuan ($45.79 billion) from 264 billion yuan the previous trading day.

Gainers outnumbered losers 566 to 344 in Shanghai and 703 to 564 in Shenzhen.

The China Federation of Logistics and Purchasing (CFLP) said Tuesday the purchasing managers index (PMI) fell to a six-month low of 52.2 percent in February, compared with 52.9 percent in the previous month as the government continues to tighten its monetary policy.

The index has now slid three months in a row but has kept above the boom-and-bust line of 50 percent for 24 consecutive months.

Cement producers continued to rally Tuesday after Chinese Premier Wen Jiabao said over the weekend in an online chat with the public that the government will work to increase housing supplies, with 36 million affordable homes planned in the five years to 2015, including 10 million this year.

Henan Tongli Cement Co Ltd rose 5.66 percent to 16.81 yuan.

Jiangxi Wannianqing Cement Co Ltd rose 4.19 percent to finish at 17.66 yuan.

Most property developers gained.

China Vanke, the country's largest listed property developer, rose 1.72 percent to 8.3 yuan, while Poly Real Estate Group Co jumped by 3.48 percent to 12.8 yuan.

Among the biggest losers, Shanghai-listed Tonghua Dongbao Pharmaceutical Co Ltd shed 5.07 percent to 14.99 yuan, while Suzhou Dongshan Precision Manufacturing Co Ltd listed in Shenzhen, fell 6.12 percent to 63.83 yuan.