Business / Markets

Shanghai Index close to five-year high

By Dai Tian ( Updated: 2014-12-22 16:47

Chinese stocks closed mixed on Monday as investors weighed large-cap and small-cap shares plunged amid a surge in trading and volatility.

The benchmark Shanghai Composite Index climbed 0.61 percent to 3,127.45 points on Monday, in part led by the gains in electricity, coal and banking sectors, while Shenzhen Component Index slid 0.17 percent to 10,608.51 points.

The Shanghai index was close to a five-year high, as Bank of China, Agricultural Bank, Construction Bank and Minsheng Bank jumped more than 8 percent on Monday. China Aluminum Corp soared by the daily limit for a second day after the company announced an asset restructuring.

Electricity companies, including Datang International Power Generation, China Guodian Corp and SDIC Electric Power, rallied 10 percent, in preparation for an expected reform plan from the government, according to a note by Dongguan Securities.

About 300 stocks dropped by the daily limit of 10 percent on Monday, which include Hoperun Information Technology, Yongyou Software and Leshi Internet Information and Technology, as the ChiNext slumped 5 percent.

Trading volumes in the Shanghai index reached 624.4 billion yuan ($100.4 billion) and 307.8 billion yuan in the Shenzhen index on Monday.

The CSI 300 Index advanced 0.33 percent to 3,394.48 points on Monday.

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