China stocks gain on earnings hope

Mainland China share market closed higher on first day of the trading week, Monday, 14 July 2014, on speculation about better earnings for June quarter, with shares in automakers leading rally after the government's pledge to buy more alternative-energy cars. The benchmark Shanghai Composite advanced 19.69 points, or 0.96%, to 2066.65. Trading turnover increased to 96.36 billion yuan from yesterday's 86.25 billion yuan.

The CICC wrote in a report on Monday, referring to firms under its coverage, that Chinese companies will report 10.6% earnings growth on average in the first half, compared with 8.1% in the first quarter, thanks to government mini-stimulus which helped stabilize the economy.

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