SH, SZ shares both climb to 20-month high

Major stock indexes in Shanghai and Shenzhen bourses reached new highs on Monday, spurred by financial shares and forecast-beating results from industrial giants.

The Shanghai Composite Index closed the day with a 0.93 percent gain to 3,362.65 points, and the Shenzhen Component Index rose by 1.41 percent, both creating a 20-month high. The ChiNext startup index climbed by 1.65 percent and reached a four-month high.

A gauge of securities companies rose 6.15 percent at one point on expectations they will be the biggest beneficiary of a strong stock market recovery. Six listed brokerages such as China Galaxy Securities Co Ltd, First Capital Securities Co Ltd and Orient Securities increased by the 10 percent daily upside limit.