China Shares Post Biggest Gain in Two Years on Investment Hopes
- Infrastructure, property companies help drive market gains
- China Evergrande climbs as much as 27 percent in Hong Kong
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Chinese equities powered higher Tuesday afternoon as the Shanghai Composite Index posted its biggest gain in more than two years. Infrastructure and property companies were some of the best performers after a report in state media raised hopes for further policy support.
The Shanghai benchmark climbed 2.7 percent, its first advance in a week, to close at 2,779 points. The enthusiasm spread to small caps too, as the ChiNext gauge added 2.7 percent, its best day since July 12. Developer China Evergrande Group Co. soared as much as 27 percent in Hong Kong, leading gains on the Hang Seng Composite Index, after issuing a positive profit alert that helped boost the whole property sector.