(RTTNews) - The Chines market closed higher Friday, led by property stocks, on hopes that the government will announce new measures over the weekend to support the markets. The benchmark Shanghai Composite Index closed up 47.23 points or 2.01% at 2,397.37. The index posted a loss of 0.33% for the week and 13.63% for the month.

Top property developer China Vanke (SZA jumped 5.2% and China Merchants Property Development gained 4.9%.

Steelmakers rose after Baoshan Iron & Steel reported an 18% increase in first-half profit. Baosteel rose 3.8% and Shanxi Taigang Stainless Steel jumped 4.7%.

Brokerages continued their rally, with CITIC Securities advancing 2.7% and Pacific Securities surging by the 10% daily limit.

In the banking space, Bank of China climbed 1.4% after the bank reported a 42.8% jump in first-half net profit to 42.18 billion yuan. Ping An Insurance edged up 0.7%.

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Posted in Categories: Economy, Releases.

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