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China shares close at high level

Monday, July 28 09:14:46

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 percent at 2,177.95 points, its highest close since Dec. 13.

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

China's Bank of Communications Co Ltd 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 percent 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 percent, while some smaller rivals jumped over 5 percent. (Reuters)

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