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    Stocks close higher boosted by property, steel

    2012-10-31 08:23 Xinhua     Web Editor: qindexing comment

    Chinese stocks closed slightly higher on Tuesday, with property and steel companies posting positive performances.

    The benchmark Shanghai Composite Index rose 0.17 percent, or 3.40 points, to 2,062.35, with the Shenzhen Component Index closing at 8,394.24, up 17.68 points, or 0.21 percent, from the previous trading day.

    Combined turnover rose to 81.94 billion yuan (13.01 billion U.S. dollars) from 74.82 billion yuan on the previous trading day.

    Gainers outnumbered losers by 516 to 394 in Shanghai and by 837 to 604 in Shenzhen.

    Property and steel stocks led the way on Tuesday.

    China Vanke Co., the nation's biggest listed property developer, gained 0.97 percent to 8.30 yuan per share. Poly Real Estate Group Co., the country's second-largest developer by market value, gained 2.52 percent to 10.98 yuan per share.

    The leading property developers posted positive performances for the first three quarters, said Lu Siying, an analyst with Secon.cn.

    Baogang Steel, which will post its third-quarter results on Wednesday, gained 6.96 percent to 5.99 yuan per share.

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