Chinese equities on the rise on Greece's bailout
SHANGHAI - Stocks on the Chinese mainland advanced, paring a weekly loss by the benchmark index, as a new aid plan for Greece eased concern Europe's debt crisis will spread.
China Shenhua Energy Co rose the most in two weeks, pacing gains in coal producers, after sales climbed last month, while Yanzhou Coal Mining Co added 0.6 percent. Gansu Jiu Steel Group Hongxing Iron & Steel Co jumped 4.1 percent after saying profit more than doubled.
"The increasing aid to Greece will help boost investors' confidence in the global economy and may lead to a short-term rebound in the stock market," said Mei Luwu, a fund manager at Lion Fund Management Co, which oversees more than $7.8 billion. "For the mid-term, the domestic market still lacks upside momentum, given the government's widening control on property prices and proof the economy is slowing."
