Chinese shares closed up 1.17 percent on Wednesday, led by hopes for good third-quarter results in the property sector while better-than-expected trade data also boosted sentiment, dealers said. The Shanghai Composite Index, which covers both A and B shares, rose 34.34 points to 2,970.53 on turnover of 141.6 billion yuan (20.7 billion dollars).
China's monthly exports fell at the slowest pace this year in September, according to customs data released Wednesday, indicating foreign demand for Chinese goods was improving. "The improvement of the US consumer sector in recent months certainly is having a positive effect on (China's) exports," Chen Huiqin, an analyst at Huatai Securities, told Dow Jones Newswires.
Real estate-related companies were broadly higher, partly on raised hopes for third-quarter earnings after some of them reported strong sales figures, she said. Property developer Gemdale rose 5.8 percent to 14.67 yuan after it said its property sales for the January-September period rose 57.1 percent from a year earlier to 1.78 billion.
China Petroleum and Chemical ended up 2.0 percent at 11.98 yuan, and PetroChina rose 1.5 percent to 13.31. The Shanghai A-share index gained 36.10 points, or 1.17 percent, to 3,117.48 on turnover of 141.2 billion yuan, while the Shenzhen A-share index rose 8.30 points, or 0.78 percent, to 1,072.25 on turnover of 75.0 billion yuan. The Shanghai B-share index was up 1.37 points, or 0.68 percent, to 203.58, while the Shenzhen B-share index gained 1.68 points, or 0.32 percent, at 525.34.
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