The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 28.98, or 1 percent, to 3,014.41. The CSI 300 Index added 23.06, or 0.7 percent, to 3,314.89.
Banks: Industrial & Commercial Bank of China Ltd. (601398 CH) rose 6.8 percent to 5.00 yuan. Bank of China Ltd. (601988 CH) gained 1.8 percent to 3.44 yuan. Agricultural Bank of China Ltd. (601288 CH) added 1.1 percent to 2.75 yuan.
Approvals of new loans to property developers by the country’s four largest banks ceased since the end of October after they met their allotted targets for the year, the state-run China Real Estate Business reported, citing unidentified executives at the banks.
Agricultural Bank of China and China Construction Bank denied the report, Caixin Online reported today, citing unidentified people at the banks.
Metal producers: Yunnan Copper Industry Co. (000878 CH) lost 9.8 percent to 26.66 yuan, the most since Aug. 31. Chenzhou Mining Group Co. (002155 CH) dropped 6 percent to 36.20 yuan.
China’s metals producers may extend declines in the “near term” on speculation the country will tighten monetary policy, according to China International Capital Corp.