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Hot Stocks

China shares post highest close in a week

SHANGHAI, Aug 16 (Reuters) - China’s key stock index ended up 2.1 percent on Monday, its highest close in a week, with strong volume and demand in selected sectors such as healthcare and banks, helping to underpin gains from the last session.

The Shanghai Composite Index .SSEC ended at 2,661.7 points, after closing up 1.2 percent on Friday. Analysts said ample liquidity in the share market was helping to offset concerns over moderating growth after last week's slew of economic data.

Banking shares were led by Agricultural Bank of China 601288.SS after it exercised a greenshoe option in its Shanghai initial public offering, making it the world's biggest IPO.

Analysts said the larger-than-expected 76.3 percent jump in the share price of newly-listed Jihua Group 601718.SS, China's biggest military supply provider, also indicated that investors were more confident about buying back into the market.

“The market is quite solid at this point. I see the market will continue to rebound maybe another 150 points to 2,800 points,” said Wang Aochao, analyst at UOB Kay Hian in Shanghai. Wang projected this level to be reached in the next two weeks.

Turnover in Shanghai A shares rose to 130 billion yuan ($19.14 billion) from 91 billion yuan on Friday.

Gaining Shanghai shares overwhelmed losers 886 to 6. (Reporting by Farah Master; Editing by Jacqueline Wong)

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