Shares boost key index to highest level since December 2015

Shares rose for a fifth day today, pushing the benchmark index to the highest level since December 2015, as investor sentiment was buoyed by consumer firms and steel makers.

The Shanghai Composite Index added 0.31 percent to 3,407.57 points.

Kweichow Moutai led gains in the consumer sector after reporting 138 percent growth in its third quarter profit, and its shares hiked 6.97 percent to 605.09 yuan. Wuliangye Yibin Co also added 3.24 percent to 65.06 yuan and Shanxi Xinghuacun Fen Wine Factory added 2.04 percent after posting a 79 percent surge in profit in the first three quarters.

Investors were upbeat after a number of major listed companies reported bullish quarterly earnings report. China Vanke Co edged up 0.36 percent while Shanghai Jahwa United Co rose 0.52 percent and Luzhou Laojiao Co advanced 1.85 percent.

Steel makers also outperformed the market amid expectations that environmental protection measures would cut overall capacity. Anyang Iron & Steel added 1.75 percent to 4.66 yuan and SGIS Songshan Co jumped 3.51 percent to 7.96 yuan.

Railway related shares also rose, with Jinxi Axle Co Ltd surging by the daily limit of 10 percent and Taiyuan Heavy Industry Co jumping 8.16 percent to 4.10 yuan. CRRC Corporation Ltd hiked 7.75 percent to 10.98 yuan.