Poly Real Estate Group Co., the nation’s second-biggest property developer, surged 2.3 percent as data showed home prices across 100 cities increased in June. Aluminum Corp. of China Ltd. paced an advance for material stocks as speculation Europe’s debt crisis is easing bolstered the outlook for commodities demand. SAIC Motor Corp., the biggest Chinese automaker, slid 8.5 percent after the Guangzhou Daily reported that Guangzhou city will cap the number of new car purchases.
Six stocks gained for every two that declined on the Shanghai Composite Index (SHCOMP), which rose less than 0.1 percent to 2,226.11 at the close.
The CSI 300 Index (SHSZ300) added 0.2 percent to 2,465.24. The Bloomberg China-US 55 Index (CH55BN), the measure of the most-traded U.S.-listed Chinese companies, jumped 2.9 percent in New York on June 29.
China’s manufacturing “data was better than expected and there seemed to be some resolution in Europe,” said Mao Sheng, an analyst for Huaxi Securities Co. in Chengdu. “Still, investors are quite concerned about the economy.”
The Shanghai index plunged 6.2 percent in June, the most in Asia, on concern the government isn’t loosening monetary policy quick enough to stem a slowdown even as the central bank cut interest rates for the first time since 2008.
Stocks in the measure are valued at 9.73 times estimated earnings, compared with the average of 17.6 since Bloomberg began compiling the data in 2006.