Financials fuel rally in Shanghai

Proposals to lift ownership limits in JV firms bolster market sentiment

Equities ended higher on Monday on robust gains in the financial sector, including banking, insurance and brokerages, following China's decision to open up the financial sector to foreign investment.

Bank of Wujiang rose by the intraday limit of 10 percent to 10.63 yuan ($1.6) while Ping An Bank rose 4.8 percent to 12.9 yuan. Bank of Wuxi rose 4.9 percent to 8.79 yuan.