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China shares end at 7-week high as banks gain
April 8, 2014 / 7:11 AM / 4 years ago

China shares end at 7-week high as banks gain

SHANGHAI, April 8 (Reuters) - 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 on Monday. (Reporting By Natalie Thomas; Editing by Jacqueline Wong)

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