China shares rise the most in a month, helped by auto and liquor makers
HONG KONG, July 14
HONG KONG, July 14 (Reuters) - China shares posted their best daily gain in a month on Monday as carmakers extended recent gains after the government announced a fresh boost for the sector.
Chinese liquor makers also rose strongly.
The Shanghai Composite Index ended up 1 percent at 2,066.65 points, a four-week high, while the CSI300 of the leading Shanghai and Shenzhen A-share listings climbed 1.1 percent.
It was the best day for both indexes since June 10.
In Shanghai, SAIC Motor Corp rose 2.4 percent, following Friday's 1.6 percent gain, to close at its highest since May 2013. BYD leapt 3.9 percent in Shenzhen.
In a notice published on Sunday, China urged government officials to use more electric and plug-in hybrid cars as part of its drive to cut pollution. It aims to put 5 million such vehicles on the road by 2020.
Kweichow Moutai, the country's leading high-end liquor producer, jumped 5.6 percent, the top boost on both indexes. Another sector leader Wuliangye Yibin spiked 5.9 percent.
Analysts said low valuations of these stocks may have attracted some fund inflows as liquor sales are expected to improve in the third quarter. (Reporting by Grace Li; Editing by Kim Coghill)
- First Ebola victim in Sierra Leone capital on the run
- Former WWE champ nabs suspected burglar in Arizona
- Apple iPhones allow extraction of deep personal data, researcher finds
- EU edges to economic sanctions on Russia but narrows scope |
- China's Guangdong province removes over 850 'naked officials' from their posts