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China stocks surge 3% in massive turnover

(Agencies)
Updated: 2009-02-16 15:35

China's main stock index surged 2.96 percent to a new five-month closing high in massive turnover on Monday as speculative money continued to pour into the market, hunting for steel and brokerage shares in particular.

The Shanghai Composite Index ended at 2,389.39 points, less than a point off the day's high. It again outperformed other regional stock markets, which were depressed by poor economic data and concern about the health of banks.

The Shanghai index has gained 20 percent this month and 31 percent so far this year, fuelled by hopes for an early economic recovery in China and a flood of funds back into stocks, much of it chasing short-term profits.

Turnover in Shanghai A shares rose to a nine-month high of 177.5 billion yuan ($25.97 billion) -- near levels last seen during the stock market bubble of 2007 -- from Friday's 164.1 billion yuan.

Baoshan Iron & Steel, China's biggest listed steel maker, jumped its 10 percent daily limit to 6.42 yuan in its heaviest trade since March 2007, aided by a gradual rebound in domestic steel prices over recent weeks, analysts said.