SHANGHAI Feb 13 China's main stock indexes rose
for their fourth straight day of gains on Monday to a fresh
two-month high, as the materials sector underpinned the market
on the back of strong commodities.
The blue-chip CSI300 index rose 0.7 percent, to
3,436.28 points, while the Shanghai Composite Index
gained 0.6 percent to 3,216.84 points.
Some good news over the weekend, including a rally in metals
prices, supported the market, said Tian Weidong, analyst at
Kaiyuan Securities in Xi'an.
Shares in metals producers rose strongly, with Jiangxi
Copper adding 3.5 percent to a 2-1/2 month high, as
copper prices surged after BHP Billiton declared force
majeure due to a strike at the world's biggest copper mine in
Tian said liquidity concerns also eased somewhat as China's
central bank injected 100 billion yuan into money markets on
Monday after skipping open market operations for six trading
Chinese equities have been supported in recent weeks by
signs of stabilising economic growth, though a turn by Beijing
to tighter policy settings has restrained demand.
Market response seemed muted to news that China's top
securities regulator vowed to apprehend law-breaking financial
tycoons he called "giant crocodiles".
Most sectors gained ground, while energy and
real estate shares lagged behind.
Stocks related to the high-profile "One Belt, One Road"
initiative took a breather after a recent strong rally, though
underlying optimism spread to more sectors, in particular
consumer staples and financials.
Liquor maker Yanghe Brewery surged as much as 10
percent, the maximum allowed, to hit a 20-month high, while
China Molybdenum shot up 7 percent in its best day
since early November.
(Reporting by Luoyan Liu and John Ruwitch)