China shares rise on economic revival hope

Chinese shares rose to an eight-month high Tuesday on hopes for a rebound in growth amid economic indicators showing signs of improvement.

The benchmark Shanghai Composite Index climbed 13.48 points, or 0.5 percent, to close at 2527.18, following a 2.8 percent gain on Monday. The Shenzhen Composite Index for China's smaller second exchange rose 1.8 percent to 850.56.

Investors were optimistic after Premier Wen Jiabao said over the weekend that March industrial output might rise by as much as 8.3 percent from a year earlier.

"Investors are moving forward step by step to see if the economy has really bottomed out. But what many indicators show is really encouraging," said Cao Xuefeng, an analyst for Huaxi Securities in the western city of Chengdu.

Appliance makers jumped on rumors the government is likely to issue a new stimulus plan to encourage consumer spending.

TCL Corp., a major television set producer, increased 3.3 percent to 3.75 yuan and Joyoung Co., a manufacturer of machines that make soybean milk, advanced by the daily upside limit of 10 percent to 57.94 yuan.

Real estate developers rose after the government reported housing prices climbed in March.

China Vanke Ltd., the country's biggest developer, added 3.1 percent to 8.76 yuan and rival Poly Real Estate Group, rising 2.9 percent to 23.5 yuan.

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