Chinese shares close slightly higher Tuesday, led by heavyweights

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Publish time: 27th July, 2011      Source: ChinaCCM
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Chinese shares closed slightly higher Tuesday with the benchmark Shanghai Composite Index up 0.53 percent to close at 2,703.03.

The Shenzhen Component Index gained 0.35 percent to finish at 12,008.53.

Aggregated turnover shrank to 143.46 billion yuan (about 22.07 billion U.S. dollars) from Monday's 217.61 billion yuan.

Gainers outnumbered losers by 605 to 299 in Shanghai and by 826 to 446 in Shenzhen.

Heavyweights such as oil companies and property developers led Tuesday's rebound. PetroChina Company Limited rose 2.32 percent to 10.6 yuan. China Vanke, the country's largest developer by market value, gained 0.74 percent to 8.2 yuan.

Producers of new materials rose on news that the government may issue a five-year plan on development of new material industries in August. Suzhou Hesheng Special Material Co. Ltd. rose by the daily limit of 10 percent to 25.96 yuan.

Road companies and airlines rallied as Saturday's deadly train accident may spur demand for alternative transport. China Eastern Airlines Corporation Limited surged by 10 percent to 5.6 yuan. Guangxi Wuzhou Communications Co., Ltd. rose 3.87 percent to 7.25 yuan.

Stocks related to high-speed trains continued to drop. Jinxi Axle Company Limited dropped by 10 percent to 14.3 yuan. China CNR Corporation Limited slid 4.09 percent to 5.63 yuan.

Chinese shares tumbled nearly 3 percent on Monday following a deadly train collision in the eastern province of Zhejiang, which has left at least 39 people dead and 192 others injured.

Source: Xinhua