Chinese shares closed up 0.71 percent on Tuesday, off early lows as financial companies rebounded on bargain hunting, dealers said. The Shanghai Composite Index, which covers A and B shares, was up 19.55 points to 2,787.89 on turnover of 133.4 billion yuan (19.5 billion dollars).
The market bounced off early weakness as investors chased blue chips, but analysts said the key index still faced downward pressure on expectations that economic data due this week will be weak. Heavyweight banks led Tuesday's gains on bargain hunting.
China Construction Bank rose 2.9 percent to 5.27 yuan and Industrial and Commercial Bank of China gained 1.3 percent to 4.70 yuan. Property developers also rose after data showed a faster-than-expected recovery in sales. Poly Real Estate rose 1.2 percent to 25.60 yuan after it said property sales in May totalled 4.20 billion yuan, up from 4.03 billion yuan in April.
China Vanke, the country's largest developer by market value, rose 2.0 percent to 11.36 yuan. The Shanghai A-share index rose 20.59 points, or 0.71 percent, to 2,926.41 on turnover of 132.9 billion yuan, while the Shenzhen A-share index gained 7.16 points, or 0.75 percent, to 967.02 on turnover of 69.1 billion yuan. The Shanghai B-share index rose 0.31 points, or 0.17 percent, to 181.77, while the Shenzhen B-share index fell 0.33 points, or 0.07 percent, to close at 467.67.
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