Stocks rise for second day on home prices, manufacturing

China's stocks rose for a second day after the nation's home prices rebounded for the first time in 10 months and manufacturing indicators beat forecasts.

Poly Real Estate Group Co had the biggest gains among developers, going up 2.7 percent, as data showed that home prices in 100 Chinese cities had climbed in June. Yanzhou Coal Mining Co and Aluminum Corp of China Ltd kept pace with an advance in energy and material stocks as speculation that Europe's debt crisis is easing bolstered the outlook for commodities demand. Shares in SAIC Motor Corp, the biggest Chinese automaker, slid by 6 percent after the Guangzhou Daily reported that the city of Guangzhou will limit the number of car purchases it allows within its jurisdiction.

Seven stocks gained in value for every one that declined on the Shanghai Composite Index, which rose 0.1 percent to 2,226.56 at the 11:30 am local-time break. The CSI 300 Index added 0.3 percent to 2,468.14. The Bloomberg China-US 55 Index, the measure of the most-traded US-listed Chinese companies, jumped 2.9 percent in New York on Friday.