June 16, 2014 / 7:10 AM / 3 years ago

Shanghai shares close at highest in nearly two months

HONG KONG, June 16 (Reuters) - Shanghai shares closed at their highest in almost two months on Monday, as gains accelerated in the afternoon after China lowered reserve requirements for some listed banks which boosted their stocks.

The Shanghai Composite Index rose 0.7 percent to 2,085.98 points, its highest since April 18. The CSI300 of the leading Shanghai and Shenzhen A-share listings also gained 0.7 percent, finishing at its highest since April 23.

China Minsheng Banking Corp and China Merchants Bank climbed 3.1 and 1.7 percent, respectively, as bankers told Reuters on Monday afternoon the two banks were among a group of lenders to qualify for a reduction in reserve requirements announced by the central bank last week.

China's two oil giants were among the top index boosts, as crude extended gains and tested nine-month highs on fears the insurgency in Iraq could spread - disrupting oil exports.

In Shanghai, PetroChina rose 0.9 percent and China Petroleum & Chemical Corp was up 1.6 percent. (Reporting by Grace Li; Editing by Jacqueline Wong)

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