China shares close highest since December

Hong Kong - China shares closed at their highest since December on Monday, with gains led by the banking sector after a Reuters report said the country's fifth-biggest bank by assets planned to seek more private investors.

The Shanghai Composite Index ended up 2.4% at 2 178 points, its highest close since December 13.

The CSI300 of the leading Shanghai and Shenzhen A-share listings gained 2.8% to close at its highest this year.

China's Bank of Communications plans to sell stakes to private investors under a government reform aimed at letting private capital play a bigger role in the economy, two people familiar with the matter told Reuters on Friday.

Its Shanghai shares surged 9.9% in their best day since September 2013.

The whole sector was bolstered by the plan, which analysts said would ultimately boost efficiency at state banks, as well as the issuance of preference shares by the country's biggest lender Industrial And Commercial Bank Of China (ICBC) .

China's "Big Four" banks spiked 2% to 3.5%, while some smaller rivals jumped over 5%.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
15.88
+0.3%
Rand - Pound
21.03
+0.4%
Rand - Euro
17.87
+0.6%
Rand - Aus dollar
11.30
-0.7%
Rand - Yen
0.14
+0.4%
Gold
1,781.79
+0.2%
Silver
22.40
+0.1%
Palladium
1,850.61
-0.2%
Platinum
956.50
+1.5%
Brent Crude
73.08
+4.6%
Top 40
66,514
+3.0%
All Share
72,939
+2.7%
Resource 10
70,120
+4.0%
Industrial 25
96,001
+2.8%
Financial 15
14,195
+0.7%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot