Priciest Shares

The CSI 300, which tracks yuan-denominated A shares listed on China's two exchanges, is valued at 43 times reported earnings, the most expensive among the Asia-Pacific Region. It's almost doubled this year.

The People's Bank of China has raised interest rates twice this year and ordered commercial lenders five times to set aside more money as reserves to drain liquidity and cool the economy.

China Merchants Bank Co. and Shanghai Pudong Development Bank Co. led gains among banking and property stocks on expectations of higher first-half earnings.

Merchants Bank Co., which has the biggest weighting in the CSI 300, gained 0.79 yuan, or 3.3 percent, to 24.96. Shanghai Pudong Development Bank, the Chinese partner of Citigroup Inc., rose 0.48 yuan, or 1.3 percent, to 37.87. Poly Real Estate Group Co., the nation's third-largest property developer, jumped 1.49 yuan, or 3.3 percent, to 46.83.

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