Soaring car sales drive up equities

SHANGHAI: China's stocks rose, driving the benchmark index to its biggest gain in a week, as commodity producers and automakers rose after raw material prices rallied and the nation's car sales more than doubled last month.

China Shenhua Energy Co, the nation's top coal producer, added 1.7 percent. China COSCO Holdings Co, the world's largest operator of dry-bulk ships, advanced 1.4 percent as the nation's exports climbed in January. SAIC Motor Corp, the largest carmaker, climbed 3.4 percent as total vehicle sales surged to a record. China Life Insurance Co paced gains for insurers after Morgan Stanley recommended them over banks.

The Shanghai Composite Index rose 33.66, or 1.1 percent, to close at 2,982.5, paring its 2010 loss to 9 percent. The nation's markets will be shut next week for the Lunar New Year holidays. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, gained 1.4 percent to 3,214.13.