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1st LD-Writethru: Chinese shares gain on property, coal rally

Xinhua, August 8, 2016 Adjust font size:

Chinese shares rose Monday, aided by ongoing gains in property and coal.

The benchmark Shanghai Composite Index closed 0.93 percent higher at 3,004.28 points.

The Shenzhen index closed 1.22 percent higher at 10,468.88 points. The ChiNext Index, tracking China's NASDAQ-style enterprises, was up 1.02 percent, closing at 2,130.59 points.

Monday's markets also saw an increase in trading volume. The combined turnover on the Shanghai and Shenzhen bourses climbed to 414.27 billion yuan (about 62.19 billion U.S. dollars) from 402.3 billion yuan Friday.

Coal companies were Monday's best performers. Both Shanxi Xishan Coal and Electricity Power Co. and Yanzhou Coal Mining Company rose by the daily limit of 10 percent.

Real estate developers continued their growth Monday, as the high-profile battle for control of Vanke drew the attention of investors.

China Evergrande Group, another real estate developer, announced Thursday that it had bought a 4.68 percent stake in Vanke for 9.11 billion yuan, making it Vanke's fifth-largest shareholder.

Vanke's shares rose more than 4.3 percent, and China Calxon Group, mostly owned by Evergrande, increased 9.99 percent.

Chinese customs data released Monday show that yuan-denominated exports rose 2.9 percent year on year in July, while imports fell 5.7 percent, which led to a monthly trade surplus of 342.8 billion yuan, up 34 percent year on year. Endi