China stocks rise led by heavyweights, auto makers
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Chinese shares on both the Shanghai and Shenzhen exchanges rose Tuesday, led by heavyweights and car companies as official data out Monday showed China overtaking the U.S. as the world's biggest auto market.
The benchmark Shanghai Composite Index gained 1.91 percent, or 61.22 points, to close at 3,273.97 points.
The Shenzhen Component Index rose 1.67 percent, or 220.16 points, to close at 13,381.25 points.
Combined turnover totaled 294.3 billion yuan (43.1 billion U.S. dollars), expanding from 280.69 billion yuan the previous trading day.
Gainers outnumbered losers by 798 to 82 in Shanghai and 733 to 94 in Shenzhen.
PetroChina Co. Ltd., Asia's largest oil producer, gained 4.08 percent to 14.28 yuan. China Petroleum and Chemical Corp., Asia's largest refiner, advanced 2.23 percent to 13.32 yuan.
The Industrial and Commercial Bank of China, the country's biggest commercial lender, rose 0.76 percent to 5.34 yuan. Bank of China added 1.17 percent to 4.32 yuan, and Bank of Communications rose 1.22 percent to 9.11 yuan.
China Life, the leading life insurer in China, gained 1.65 percent to 30.11 yuan; China Vanke Co., the country's largest property developer by market value, also rose 1.08 percent to 10.29 yuan.
Shares of car companies rose across the board after official data showed China had overtaken the U.S. as the world's biggest car market.
The China Association of Automobile Manufacturers said Monday auto sales reached 13.64 million units in 2009, up 46.15 percent year on year with output rising 48.3 percent to 13.79 million units.
Shanghai-based SAIC Motor Corp. Ltd. gained 3.49 percent to 23.16 yuan. Chongqing Changan Automobile rose 1.97 percent to 13.49 yuan. Jiangling Motors Corp. Ltd. also advanced 3.3 percent to 21.6 yuan.
Futures-related shares declined. Zhejiang Zhongda Group Co., Ltd. lost 2.89 percent to 24.55 yuan. China CIFCO Investment Co. Ltd. fell 1.65 percent to 37.5 yuan.
