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China's main stock index, boosted by recent strong momentum of blue chips, surpassed 4,300 points on Tuesday, with real estate, coal and petroleum shares leading the market.

The benchmark Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, closed at 4,335.18 points, up 63.07 points or 1.48 percent.

The smaller Shenzhen Component Index closed at 13,456.6, up 429.94 points or 3.3 percent.

Investors watch stock quotation boards in Chongqing Municipality on May 29, 2007. China's main stock index, boosted by recent strong momentum of blue chips, surpassed 4,300 points on Tuesday, with real estate, coal and petroleum shares leading the market.

The Hushen 300 Index reflecting the combined movements of the Shanghai and Shenzhen stock exchanges continued to climb and closed at 4168.29 points, up 95.71 points or 2.35 percent.

The two bourses registered a combined turnover of 378.37 billion yuan (US$49.46 billion), slightly lower than the record 394.22 billion yuan from the previous close.

The market experienced volatility in the afternoon, but the upward movement was maintained to have the market gain a foothold above 4,300 points at closing.

Poly Real Estate recorded a rise of 6 percent as the real estate sector was driven up by higher housing prices.

Official statistics show new house prices rose 5.3 percent in 70 mainland cities, including Beijing, Shanghai and Shenzhen, in April alone.

Coal shares were strengthened by the prospect of establishing a coal exchange in Taiyuan, capital of coal-rich Shanxi Province, which may drive up the coal prices.

Shares of Da Tong Coal Industry Co. Ltd rose to the daily limit of 10 percent and closed at 26.47 yuan per share.

The medicine and power generation sectors were also active, indicating quality shares were dominating the market rise, rather than previous special treatment (ST) stocks, which are shares in companies that have failed to earn profits for two years running or have been reported for false accounting.

The ST stocks have been favored by speculative investors because of their capacity for sharp gains.

Analysts with Guangdong Development Securities again warned investors of possible losses from corrections following the continuous rising trend, which was a common phenomenon.

Analysts also believed Friday's announcement that stock index futures would be launched "at an appropriate time" by Fan Fuchun, vice chairman of the securities watchdog, helped to boost the heavyweights.

(Xinhua News Agency May 30, 2007)