BUSINESS China stocks rise for 3rd day; material firms lead

BUSINESS

China stocks rise for 3rd day; material firms lead

Reuters-Global Times

19:26, March 12, 2018

China stocks climbed for a third straight session on Monday, led by material firms, as trade war fears ebbed further and after a US jobs report eased worries of inflation and faster rate hikes.

At the close, the Shanghai Composite Index was up 0.59 percent at 3,326.70 points, while the blue-chip CSI300 index was up 0.46 percent at 4,127.67 points. 

The start-up board ChiNext closed up 1.4 percent at a four-month high, having gained 7.4 percent so far this year, far outperforming the Shanghai index and the blue-chip index. 

An index tracking major material firms, including steel and aluminum makers, gained 2 percent on Monday. 

Trade war fears also ebbed further as the US opened the way for more exemptions from its steel and aluminum tariffs on Friday, after pressure from allies and intense lobbying from lawmakers. 

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(Photo: VCG)

Start-up firms extended advances, as investors continued to favor tech firms seen as drivers of China's "new economy."

The banking sector slid, as China steps up its scrutiny of bank shareholders, ordering shareholders that have acquired more than 5 percent stakes in commercial banks by using financial products to reduce their holdings within a year. 

The largest percentage gainers in the main Shanghai Composite Index were Shanghai U9 Game Co up 10.05 percent, followed by Zhejiang Chint Electrics Co gaining 10.02 percent and Jiangsu Phoenix Property Investment Co up by 10 percent. 

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