China stocks edge up, led by banks and electrical utilities
SHANGHAI Dec 22 (Reuters) - China stocks closed up on Monday in volatile trade as electrical utilities rose and banks spiked, while a slump in small-cap shares limited some gains.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.3 percent, to 3,394.48 points, while the Shanghai Composite Index gained 0.7 percent, to 3,127.44 points.
Among the most active stocks in Shanghai were Bank Of China , up 9.9 percent to 3.89 yuan; Agricultural Bank Of China, up 9.9 percent to 3.56 yuan and Minsheng Bank , up 9.1 percent to 10.51 yuan.
In Shenzhen, BOE Technology, up 5.0 percent to 3.34 yuan; Zoomlion Heavy Industry Science and Technology , down 1.6 percent to 6.73 yuan and TCL CORP , up 3.4 percent to 3.92 yuan were among the most actively traded.
Electric utilities shares also outperformed the broader market after local media reported that China might launch an utility reform scheme by the beginning of 2015. GD Power Development Co and Huadian Power International Co both jumped by their 10 percent daily limit.
Investors were continuing to back blue chips and shed small-caps, as evidenced by a sharp 5.4 percent slide in the ChiNext growth company index in Shenzhen, the steepest slump since 2013.
Foreign investment flowing into Shanghai from Hong Kong through the mutual market access pilot programme took up 1.43 billion yuan of the 13 billion yuan daily quota.
Total volume of A shares traded in Shanghai was 67.8 billion shares, while Shenzhen volume was 24.3 billion shares. (Reporting by Chen Yixin and Pete Sweeney; Editing by Richard Borsuk)
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