Stocks advance as Japan nuclear concerns lessen
SHANGHAI - Stocks on the Chinese mainland rose for a third day on speculation higher borrowing costs will bolster bank profits and concerns eased that the Japanese nuclear crisis may curb regional economic growth.
Industrial and Commercial Bank of China Ltd (ICBC) and Bank of China Ltd led gains for lenders after Barclays Plc said banks will post "strong" earnings. Anhui Conch Cement Co jumped to the highest in three years as CITIC Securities Co predicted a peak season for cement consumption.
"The Japan nuclear crisis has been progressing in a way that the situation will be very likely brought under control," said Wang Zheng, chief investment officer at Jingxi Investment Management Co in Shanghai, which manages about $120 million. "Stocks are still an attractive place to put money amid the backdrop of the global recovery."
