China stocks closed higher, led by coal producers
China's stocks rose the most in a week, led by energy companies and China Unicom, which will benefit from the coming restructuring of the telecom industry.
GMR to expand more continents after success in TurkeyThe Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, rose 77.69 points, or 2.17 percent, to 3,656.84.
While oil prices hit a new high, coal producers reached a new high. China Shenhua Energy Co., the country's largest coal producer, gained 6.28 percent the most in two weeks. Shanxi Xishan Coal && Electricity Power Co, the second-largest, rose 6.64 percent to 57.30 yuan.
China Unicom surged 8.77 percent as the restructuring of telecom industry is underway. It said that the final scheme will been released in coming days.
China Unicom, which operates two networks, will sell its CDMA networks to China Mobile, and combine with China Netcom to focus on the more valuable GSM sector. The restructuring scheme will benefit China Unicom in future.
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