Property, liquor stocks lead rebound in mainland markets

Stock markets in the Chinese mainland recovered Tuesday after sliding on Monday.

The benchmark Shanghai Composite Index rose above the key 2,000 level, finishing up by 2.09 points or 0.10 percent at 2,001.16 points on Tuesday. The Shenzhen Component Index climbed by 94.13 points or 1.32 percent to 7,212.57 points.

Combined turnover on the two bourses on Tuesday was 181.79 billion yuan ($29.62 billion), decreasing from Monday's 219.63 billion yuan.

The rebound in the stock markets Tuesday was led by gains in the property and liquor sectors, while the yuan strengthened against the US dollar after a two-day fall. Money market rates also fell for a fourth consecutive day, easing concerns among market watchers.

Investors also cheered a comment from Zhou Xiaochuan, governor of the People's Bank of China, who said Tuesday that deposit rates will be liberalized within one or two years.

The property sector rose by 1.77 percent, with the country's two biggest real estate developers by sales leading the gain. China Vanke Co rose by 4.90 percent to 7.50 yuan and Poly Real Estate Group Co rose by 4.41 percent to 6.87 yuan.

Liquor makers surged by 3.27 percent. Shares in Kweichow Moutai Co, China's largest maker of premium liquor by sales, rose 3.34 percent to 162.18 yuan on Tuesday.

Shares linked to electric cars and oil companies, meanwhile, performed poorly. Warren Buffett-backed electric car maker BYD Co declined by 5.17 percent to 51.92 yuan.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, continued to decline on Tuesday after Monday's 3.67 percent fall.

The index nudged down by 11.26 points or 0.80 percent to 1,395.81 points on Tuesday.