China stocks edge up in volatile trading
Mainland Chinese markets were firmer Tuesday, with the Shanghai Composite Index edging up 0.3%, or 28.8 points to 9.303.65 after a volatile session in which A-share turnover neared January lows.
Energy stocks such as PetroChina Co Ltd and China Petroleum & Chemical Corp (Sinopec) were the top index gainers, up 0.8 each. Leading coal producer China Shenhua Energy Co gained 0.6 percent.
The Shanghai Composite Index gained 4.2 percent in January, on speculation the central bank will relax monetary policies to prompt higher growth.
The index fell 22 percent last year after the People's Bank of China raised interest rates three times and reserve ratios six times to cool inflation that accelerated to its fastest pace in three years in July.
The Shanghai Composite is trading at an attractive price earnings ratio of 9.4 times estimated earnings. The overall market traded at 8.9 times reached on Jan. 6.
In a sign of the adverse market conditions despite the Shanghai's first monthly gain in three, China Communications Construction Co Ltd, the country's largest builder of ports, cut its initial public offering (IPO) by 75 percent.
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