China Stocks Rise After Break as Energy Shares Gain; Yuan Falls
- China Oilfield rallies after week-long holiday on crude jump
- Property developers decline as cities impose housing curbs
China’s stocks rose, led by energy producers, as the nation’s financial markets reopened after week-long holidays. A gauge of property developers tumbled after a number of cities imposed curbs to cool surging home prices, while the yuan slumped the most since June.
The Shanghai Composite Index added 1.5 percent at the close. China Oilfield Services Ltd. jumped the most in almost three months and China Petroleum & Chemical Corp. rallied to a one-month high. A gauge of Chinese stocks in Hong Kong climbed 3.6 percent last week, while New York crude jumped 3.3 percent. Property developers struck a more discordant note, with Poly Real Estate Group Co. sinking 3.5 percent. The yuan slid 0.4 percent in Shanghai. Hong Kong’s equity market is closed for a holiday.