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Liquor takes the lead as markets advance

By Louise Ho  (Global Times)

08:25, February 06, 2013

Stock markets on the Chinese mainland advanced Tuesday on improved January service data.

The Shanghai Composite Index added 4.98 points, or 0.20 percent, to close at 2,433.13, marking the benchmark's seventh consecutive day of gains; while the Shenzhen Component Index soared 185.15 points, or 1.90 percent, to finish at 9,945.98.

Both indices opened lower on losses from banking and insurance stocks, with the Shanghai Composite sliding to an intraday low of 2,403.3 in the morning session. The markets gained ground in the afternoon as rallies in heavily weighted sectors such as property, construction and transportation propelled the indices north of even.

Investor confidence was bolstered Tuesday after HSBC released its service industry purchasing managers' index (PMI) for January. The index came in with a headline reading 54 for the month, up from 51.7 in December, strengthening opinions that the domestic economy was on the road to recovery.

Listed liquor producers recorded the day's biggest jump, with the sector gaining 4.13 percent. Jiangsu Yanghe Brewery Joint-Stock Co jumped 7.69 percent to 83.35 yuan ($13.36).

Tuesday was also a winning day for transportation stocks after a report on identified the sector as a promising investment target since the government is expected to spend 3 trillion yuan developing high-speed rail service over the 12th Five-Year Plan (2011-15) period. State-owned train manufacturers, China CNR Corp and CSR Corp both surged over the daily limit to 4.97 yuan and 5.24 yuan respectively.

Property stocks turned around from their recent losing streak to climb higher Tuesday. Four shares jumped past the daily trading limit, including Hangzhou-based Lander Real Estate Co, which finished at 4.58 yuan.

Financial shares encountered turbulence following their rally Monday. China's largest insurance company China Life Insurance Co fell 3.05 percent to 20.36 yuan.

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