China stocks rise despite weak trade data; Coal, property shares jump
Reuters
Published Aug 08, 2016 03:16AM ET
Updated Aug 08, 2016 03:50AM ET
China stocks rise despite weak trade data; Coal, property shares jump
SHANGHAI (Reuters) - China shares rose on Monday, as a surge in coal stocks and sustained interest in property shares ignited by drama involving a major developer offset the impact of worse-than-expected trade data.
Both China's blue-chip CSI300 index and the Shanghai Composite Index climbed 0.9 percent, to 3,234.18 points and 3,004.28 points, respectively.
On the macro front, China's exports and imports fell more than expected in July, making a rocky start for the third quarter and suggesting global demand remains weak.
But market sentiment was lifted by a surge in coal stocks, after reports that borrowings by seven major coal miners in Shanxi will be rolled over to medium- to long-term special loans, as the government aids the struggling sector.
Major coal miners including Xishan Coal and Electricity Power , Luan Environmental Energy and Yanzhou Coal (HK:1171) all jumped 10 percent.
Meanwhile, the real estate sector maintained strong upward momentum, gaining 2.4 percent, as drama and share acquisitions involving Vanke continued to stir excitement.
Vanke, which soared around 17 percent the past two sessions on news of share purchases by rival Evergrande (HK:3333), surged another 4.4 percent.
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Written By: Reuters
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