China stocks up 3.3 pct, industrial metals surge

China's stock market opened the new year on Monday by rising strongly, with industrial metal producers leading the gains on hopes they would benefit from the government's infrastructure building plans.

The Shanghai Composite Index .SSEC, which tumbled 65 percent last year, making China the world's worst-performing major stock market, ended up 3.29 percent at 1,880.716 points. The rise ended eight straight days of losses.

Turnover in Shanghai A shares remained modest, however, at 46.0 billion yuan ($6.7 billion) against 33.4 billion yuan last Wednesday, before New Year holidays.

Baoshan Iron & Steel (600019.SS: Quote, Profile, Research) climbed 7.54 percent to 4.99 yuan, while Aluminium Corp of China (601600.SS: Quote, Profile, Research) gained 6.34 percent to 6.54 yuan.

Some telecommunications equipment suppliers outperformed after Beijing, as expected, finally approved licences for new 3G mobile networks. [ID:nHKG32089] Datang Telecom (600198.SS: Quote, Profile, Research) climbed 5.04 percent to 7.09 yuan and Wuhan Fingu Electronic Technology 002194.SZ gained 4.36 percent to 17.22 yuan.

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