SHANGHAI, April 8 China shares closed at its
highest in 7 weeks on Tuesday, driven by investor enthusiasm for
banking shares after more details on a recently unveiled
preferred share scheme were released over the weekend.
The Shanghai Composite Index ended up 1.9 percent at
2,098.28 points. The CSI300 of the leading Shanghai
and Shenzhen A-share listings rose 2.4 percent.
The CSI300 sub-index of banking shares closed up
3.81 percent, its highest level since Dec. 19.
Industrial Bank Co Ltd rose 8.0 percent, China
Minsheng Banking Corp Ltd gained 4.8 percent and
Ping An bank Co Ltd added 4.5 percent.
The gains were more an indication of investor enthusiasm
over the new policy than a reflection of concrete details, as
there was little new in the announcement, analysts said.
Auto manufacturer Lifan Industry (Group) Co Ltd
jumped 10 percent after the company announced on Friday that it
had signed a framework agreement to invest about 2.2 billion
yuan ($354 million) in a new energy car project.
China's financial markets were closed for a public holiday
(Reporting By Natalie Thomas; Editing by Jacqueline Wong)