China stocks up 1.5 percent

Chinese stocks rose 1.49 percent on Tuesday in light trade, with property, coal and steel shares strong as a steep fall in exports cast doubt over the economic recovery but raised hopes for government support measures. The Shanghai Composite Index ended at 2,618.172 points, near the day's high after climbing late in the session.
Gaining Shanghai A shares outnumbered losers by 792 to 124, although turnover in Shanghai A shares dropped to a two-week low of 113.2 billion yuan ($16.6 billion) from Monday's 171.9 billion yuan, suggesting investors were still cautious after the release of mixed economic data for April.
Export data for last month showed a steeper than expected slide, although upbeat figures on property sales and investment bolstered certain segments of the market. Analysts said it was not surprising to see mixed data with the economic recovery at a turning point, adding that new mutual funds were entering the market and that liquidity remained plentiful despite a sharp pull-back in new lending in April from March's record levels. Large-cap shares were also believed to have further room to gain, as they have tended to lag in the market's recent rally.
"Large caps could lift the index to 2,700 points, backed by ample liquidity," said Zheshang Securities analyst Zhang Yanbing. Property sector leader China Vanke gained 6.73 percent to 10.46 yuan after data showed Chinese urban property prices edged up 0.4 percent in April from the previous month, compared with a monthly rise of 0.2 percent in March.
Baoshan Iron and Steel advanced 6.33 percent to 6.55 yuan. Pingdingshan Tianan Coal Mining jumped 9.22 percent to 29.50 yuan. Clean energy shares outperformed after an official with the National Energy Administration said on Tuesday that China was considering investing more than 3 trillion yuan in the renewable energy sector by 2020. Shenzhen Topraysolar, a maker of solar power cells, rose 9.12 percent to 27.99 yuan. China's largest auto maker SAIC Motor, which has announced plans to develop clean-energy cars, raced up its 10 percent daily limit to 14.76 yuan.