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Chinese stocks close higher on Tuesday


08:34, February 06, 2013

Chinese stocks closed higher on Tuesday, following a record high reverse repurchase operation worth 450 billion yuan (72.16 billion U.S. dollars) carried out by China's central bank.

The benchmark Shanghai Composite Index rose for a seventh consecutive trading day to end at 2,433.13, up 4.98 points, or 0.21 percent. The Shenzhen Component Index dipped 1.90 percent, or 185.15 points, to 9945.98.

Combined turnover on the two bourses shrank to 221.3 billion yuan (35.49 billion U.S. dollars) from 266.2 billion yuan the previous trading day.

Shares in the railway transport sector led the rises. CSR Co., Ltd. and China CNR Co., Ltd., both Beijing-based railway transport equipment suppliers, rose by the daily limit of 10 percent to 5.24 yuan and 4.97 yuan per share, respectively.

Among other rising sectors, infrastructure was particularly active, with six state-owned companies leading the rises.

Stocks of China State Construction Engineering Co., Ltd. ended at 4.06 yuan per share, up 9.73 percent, while China Communications Construction Company Ltd. climbed 5.48 percent to 6.17 yuan per share.

Despite a rumor regarding the suspension of individual second mortgages, the real estate sector surged in afternoon trading. Lander Real Estate Co., Ltd., Shenzhen Changcheng Investment Holding Co., Ltd. and COFCO Property (Group) Co., Ltd. all saw their stocks reach the daily limit of 10 percent.

Bucking the trend, the insurance sector dropped, with China Life, the country's largest insurance company, down 3.05 percent to 20.36 yuan per share.

The aerospace sector ended a rising trend after its sub-index dipped 1.93 percent during Tuesday's trading.

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