Shanghai shares post 4th daily gain ahead of parliamentary meetings

HONG KONG, March 3 Mon Mar 3, 2014 2:05am EST

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HONG KONG, March 3 (Reuters) - Shanghai shares had a fourth-straight daily gain on Monday, outshining most Asian markets, with Sinopec and PetroChina firmer on hopes that coming parliamentary meetings will yield more progress on state-owned enterprises reform.

The Shanghai Composite Index finished up 0.9 percent at 2,075.2 points. The CSI300 of the largest Shanghai and Shenzhen A-share listings rose 0.5 percent.

The Nasdaq-style ChiNext Composite Index of mostly high tech startups listed in Shenzhen outperformed, jumping 2.3 percent.

Stock markets gains came as most cash rates in the mainland eased and the yuan stabilised as speculation eased ahead of the National People's Congress starting on Wednesday. The deputy governor of China's central bank said investors should not read too much into the yuan's recent volatility.

(Reporting by Clement Tan; Editing by Richard Borsuk)

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