SHANGHAI _ China's shares rose to a new record high for a second straight trading session Monday, driven by gains in steel and other metals companies. Analysts said the market could rise still further.

The benchmark Shanghai Composite Index rose 1.5 percent to a record 4628.11. The Shenzhen Composite Index for China's smaller second market also hit a new high, rising 2 percent to close at 1350.37.

Analysts said they expect prices to rise further as Chinese companies begin reporting first-half profits that are expected to be up sharply in the midst of China's economic boom.

"Institutional investors have mainly been behind the market's bull run in recent weeks, as opposed to retail investors early this year. That's good, and means the market may rise more," said analyst Wang Junqing at Guosen Securities.

Wang said the Shanghai index could reach 4,700 this week and 5,000 by the end of the month.

The Shanghai index is up more than 60 percent this year despite government efforts to prevent what Chinese officials have warned could be a speculative bubble. The market more than doubled in value last year.

Investors have continued to buy amid the boom that saw China's economy expand by 11.9 percent last quarter.

Big gainers Monday included steel companies after analysts said their rising profits were likely to exceed earlier expectations.

Wuhan Iron & Steel rose 8.1 percent, while Baoshan Iron & Steel gained 6.5 percent and Inner Mongolian Baotou Steel Union climbed 5.9 percent.

Other metals companies also rose. Aluminum Corp. of China rose the full daily limit of 10 percent, Western Mining jumped 7.8 percent and Anhui Tongdu Copper gained 7.9 percent.

"More than 70 percent of listed companies are still far below their previous highs, but they are gaining the momentum to catch up with the recent gains of financial and property shares," said Zhu Haibin, an analyst at Essence Securities.