China stocks rise despite weak trade data; Coal, property shares jump
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A man reads a newspaper in front of an electronic board at a brokerage house in Beijing, China, June 27, 2016. REUTERS/Kim Kyung-Hoon
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SHANGHAI (Reuters) - China shares rose on Monday, as a surge in coal stocks and sustained interest in property shares ignited by drama involving a major developer offset the impact of worse-than-expected trade data.
Both China's blue-chip CSI300 index <.CSI300> and the Shanghai Composite Index <.SSEC> climbed 0.9 percent, to 3,234.18 points and 3,004.28 points, respectively.
On the macro front, China's exports and imports fell more than expected in July, making a rocky start for the third quarter and suggesting global demand remains weak.
But market sentiment was lifted by a surge in coal stocks, after reports that borrowings by seven major coal miners in Shanxi will be rolled over to medium- to long-term special loans, as the government aids the struggling sector.
Major coal miners including Xishan Coal and Electricity Power <000983.SZ>, Luan Environmental Energy <601699.SS> and Yanzhou Coal <1171.HK><600188.SS> all jumped 10 percent.
Meanwhile, the real estate sector <.CSI300REI> maintained strong upward momentum, gaining 2.4 percent, as drama and share acquisitions involving Vanke <000002.SZ> continued to stir excitement.
Vanke, which soared around 17 percent the past two sessions on news of share purchases by rival Evergrande <3333.HK>, surged another 4.4 percent.
(Reporting by Samuel Shen and Pete Sweeney; Editing by Richard Borsuk)
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