Most shares trading in Shanghai and Shenzhen gained Thursday as China Vanke Co's rising earnings tide lifted most of the markets' boats.
The Shanghai Composite Index rose 52.37 points, or 2.26 percent, to close at 2,365.59; while the Shenzhen Component Index finished at 9,651.44 after surging 308.2 points, or 3.3 percent.
Both indices opened higher after an impressive 2012 financial report from China Vanke Co, the country's largest property developer by market value, stoked optimism about corporate earnings. The property company announced late Wednesday that its net profit from last year hit 12.5 billion yuan ($2 billion), up 30.4 percent over 2011. The markets tracked steadily upward throughout the trading day as property developers got in front of Vanke's results and financial sectors also picked up steam.
China Vanke Co added 6.01 percent to 12 yuan, while Gemdale Corp rose 3.72 percent to 7.25 yuan.
Securities shares advanced as an experimental refinancing program expanded to cover short sales. Citic Securities Co jumped 5.02 percent to 14.65 yuan.
Most shares exposed to China's financial market rallied Thursday. Ping An Bank Co jumped 9.42 percent to 23 yuan, while China's top insurer China Life Insurance Co increased 2.44 percent to 18.90 yuan.
Shares of companies based in Shanghai were given a nudge following reports Thursday that the city's State-owned Assets Supervision and Administration Commission is planning to allow more local State-owned enterprises to list this year. Investment consultancy East Money Information Service Co advanced 9.21 percent to 13.99 yuan.
Liquor producers and distillers were unable to notch gains in what was a mostly up day for mainland equities, although brewers' losses moderated from earlier sessions. Anhui Gujing Distillery Co dived 1.86 percent to 33.29 yuan.
Special Lantern Festival in Shaanxi Women's Prison
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