Consumer, liquor stocks fuel market surge

Shanghai's stock market neared the 3,100-point level on Monday, boosted by consumer and liquor shares.

The Shanghai Composite Index soared 2.47 percent to 3,096.42 points. The smaller Shenzhen Component Index skyrocketed 3.07 percent to close at 9,843.43 points and the blue chip CSI300 index surged 2.85 percent to 3,851.75 points.

Shares of about 120 companies listed on the A-share markets hit the daily cap of a 10 percent rise.

Total turnover on the two major bourses was 832.65 billion yuan (US$124.02 billion), up from 750.67 billion yuan on Friday.

Liquor shares led the rise. Kweichow Moutai Co jumped 4.22 percent to 810.09 yuan, increasing its market capitalization to over 1 trillion yuan. Anhui Kouzi Distillery Co, Hebei Hengshui Laobaigan Liquor Co and Wuliangye Yibin Co all surged by the daily cap.

The petrochemical sector was also among the biggest gainers, with Sichuan Tianyi Science & Technology Co and Tongkun Group Co both hitting the daily cap.