Chinese shares close higher on Tuesday, led by tourism stocks

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Chinese equities continued to rise on Tuesday led by tourism stocks on reports that the program to transform Hainan into an international resort island is expected to be ratified soon.

The benchmark Shanghai Composite Index climbed 0.72 percent, or 22.98 points, to close at 3,211.76 points. The Shenzhen Component Index gained 0.3 percent, or 40 points, to close at 13,503.99 points.

Combined turnover expanded to 194.38 billion yuan (28.46 billion U.S. dollars) from 182.13 billion yuan on the previous trading day.

Gainers outnumbered losers by 460 to 368 in Shanghai and 448 to 344 in Shenzhen.

Tourism-related stocks led the advance in Tuesday's rise as an unnamed official with China's southern Hainan Province was quoted by the newspaper 21st Century Business Herald as saying that the program to develop Hainan into an international resort island would be approved by the central government soon.

Boosted by the news, the index of tourism-related stocks was up 2.37 percent. China International Travel Service Corporation Limited jumped 8.23 percent to close at 21.03 yuan. Beijing Capital Tourism Co. added 5.91 percent to 23.65 yuan.

China CNR Corp., reorganized from China Northern Locomotive & Rolling Stock Industry (Group) Corporation, was listed in Shanghai on Tuesday. The new stock gained 2.34 percent to 5.69 yuan, which was the lowest gain among initial public offerings in the country this year.

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