April 4, 2014 / 7:16 AM / 4 years ago

China shares close up on strong financials, rare earths

SHANGHAI, April 4 (Reuters) - China shares closed higher on Friday, buoyed by strong financials and a surge in rare earths, as investors speculated in growth in the sector, following surges in the recently opened rare earths exchange.

The Shanghai Composite Index ended up 0.7 percent at 2,058.83 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings rose 1 percent.

Rare earth stocks posted major gains in the afternoon with China Minmetals Rare Earth Co Ltd up 10 percent and Inner Mongolia Baotou Steel Rare-Earth Group Hi-Tech Co Ltd up 3.8 percent.

Banking shares stabilised, with almost all 16 listed banking shares gaining ground. Hua Xia Bank Co, Ltd was up 1.7 percent and Industrial Bank Co Ltd gained 2.1 percent on the day.

Property also stabilised after several swings deep into positive and negative territory over the past week.

The CSI300 property sub-index gained 0.6 percent, with Hua Yuan Property Co jumping 6.4 percent and Yeland Group Co rising 3.7 percent.

Reporting By Natalie Thomas; Editing by Jacqueline Wong

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