HONG KONG - China shares closed at their highest in 7-1/2 months on Monday, boosted by positive comments about the market from the country's top securities regulator, with financial and coal firms leading gains.
A China Securities Regulatory Commission (CSRC) spokesman on Friday described the recent rally in China's stock market as a "rebound" due to improving performance in the economy, more liquidity, and market reforms, including the planned Shanghai-Hong Kong stock market connector pilot programme.
The Shanghai Composite Index ended up 1.7 per cent at 2,223.33 points, the highest close since Dec. 10. The CSI300 of the leading Shanghai and Shenzhen A-share listings climbed 2.0 per cent to finish at its highest since Dec. 13.
CITIC Securities jumped 6.1 per cent and Haitong Securities 4.3 per cent, encouraged by comments from the CSRC spokesman who said the regulator would continue to support the innovative business development of brokerages.
China Shenhua Energy rose 2.6 per cent to the year's highest level. The mainland's biggest coal producer raised prices of steam coal on Friday after cutting prices seven times within less than two months, according to a report from China Business News.