Optimistic investors boost stocks

Hu Yumo
Shanghai shares rose by more than 1 percent on Monday, with financial and electronics companies leading the gains amid signs of trade relations with the US improving.
Hu Yumo

Shanghai stocks by rose more than 1 percent on Monday, led by gains among financial and electronics companies.

The Shanghai Composite Index jumped 1.15 percent to close at 3,007.88 points.

Investors became optimistic on signs of improvement in trade relations between Washington and Beijing after US President Donald Trump on Friday outlined the first phase of a deal to end a trade war with China and suspended a tariff hike due to take effect on Tuesday, according to a Reuters report.

Financial shares led the gains on Monday as the government announced a timetable for further opening its futures, brokerage and mutual fund sectors to foreign investors next year. Banking and insurance companies were among the biggest gainers.

China Everbright Bank Co Ltd added 6.73 percent to 4.6 yuan (US$0.65) and Nanhua Futures Co Ltd climbed 4.97 percent to 30.02 yuan.

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