China stocks rise for 9th session to near 7-year highs
SHANGHAI, March 23 (Reuters) - China stocks rose for their ninth straight session on Monday, closing at fresh near seven-year highs, as bullish investors chased stocks after regulators said the market's recent rally is "inevitable and rational."
Deng Ke, spokesman of the China Securities Regulatory Commission (CSRC) told a news conference late on Friday that the rise in stock prices was a reflection of ample liquidity and improvement in corporate earnings, and that healthy market development was good for economic restructuring.
Property stocks jumped on signs of policy easing for the ailing sector, while a 44 percent surge in the debut shares of Orient Securities fanned buying interest in brokerage stocks.
ChiNext, the Nasdaq-style board for high-growth start-ups, jumped 3.7 percent to record highs, despite their lofty valuations. Shares on the board currently trade at nearly 90 times their earnings on average.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 2.0 percent, to 3,972.06 points, while the Shanghai Composite Index also gained 2.0 percent, to 3,687.73 points.
Among the most active stocks in Shanghai were Bank Of China , up 1.1 percent to 4.43 yuan; Agricultural Bank of China, up 1.4 percent to 3.61 yuan and GD Power , up 4.9 percent to 4.49 yuan.
In Shenzhen, BOE Technology, up 2.5 percent to 4.04 yuan; TCL Corp, up 1.4 percent to 5.97 yuan and Panggang Group Vanadium Titanium & Resourced Co, up 7.4 percent to 4.07 yuan were among the most actively traded.
Total volume of A shares traded in Shanghai was 53.5 billion shares, while Shenzhen volume was 32.2 billion shares. (Reporting by Samuel Shen and Pete Sweeney; Editing by Kim Coghill)
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