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Shanghai Composite Index edges over 3,000 for first time since 2011
Chinese stocks rallied on Monday, with 90 shares soaring by daily limit. The benchmark Shanghai Composite Index surpassed 3,000 for the first time since 2011.
Securities, insurance, banking, aerospace and steel sectors led the gain, as CITIC Securities, Haitong Securities, Merchants' Securities, AVIC Aircraft and China XD Group surged by the daily limit of 10 percent.
The Shanghai Composite Index closed at 3,020.26, up 2.81 percent or 82.61 points, marking its highest level since April 2011, while Shenzhen Component Index climbed 4.84 percent to 10,554.57.
The CSI 300 Index jumped 4.1 percent to 3,252.88 on Monday.
The CSI 300 soared 11 percent last week, while the Shanghai index edged over 9.5 percent, the most since 2009, amid expectation that the government will further cut interest rates and slash reserve requirement ratios to support economic growth.
Combined daily turnover of China's Shanghai and Shenzhen stock markets surpassed 1 trillion yuan ($160 billion) on Friday, a record high following the recent rising trend.
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