HONG KONG, July 28 China shares closed at their
highest since December on Monday, with gains led by the banking
sector after a Reuters report said the country's fifth-biggest
bank by assets planned to seek more private investors.
The Shanghai Composite Index ended up 2.4 percent at
2,177.95 points, its highest close since Dec. 13.
The CSI300 of the leading Shanghai and Shenzhen
A-share listings gained 2.8 percent to close at its highest this
China's Bank of Communications Co Ltd plans to
sell stakes to private investors under a government reform aimed
at letting private capital play a bigger role in the economy,
two people familiar with the matter told Reuters on Friday.
Its Shanghai shares surged 9.9 percent in their best day
since September 2013.
The whole sector was bolstered by the plan, which analysts
said would ultimately boost efficiency at state banks, as well
as the issuance of preference shares by the country's biggest
lender Industrial And Commercial Bank Of China (ICBC)
China's "Big Four" banks spiked 2 to 3.5 percent, while some
smaller rivals jumped over 5 percent.
(Reporting by Grace Li; Editing by Kim Coghill)