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Shares close at 3-week high on rally
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SHANGHAI stocks rose to a three-week high yesterday as consumer and banking shares rallied.
The Shanghai Composite Index gained 1.77 percent to close at 3,642.47 points.
Inner Mongolia Yili Industrial Group Co, the country’s biggest diary producer, jumped by the 10 percent daily limit to 17.73 yuan (US$2.74) as did pork producer Henan Shuanghui Investment and Development Co to 21.20 yuan to lead gainers. Both shares traded at a five-month high.
“It’s possibly insurance funds’ buying that spurred the rally as overall valuations of consumer stocks are very low,” Li Xiaolu, an analyst at Capital Securities Co, told Bloomberg News.
All 14 listed banks in Shanghai rose, with China Minsheng Banking Corp tapping the daily limit to 17.73 yuan.
The gauge rose 4.2 percent last week, boosted by real estate developers.
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