SHANGHAI: China stocks climbed on Monday due to insurance and assets heavyweights, as companies linked with the Shanghai Free Trade Zone also leapt on strategy for a major expansion of the zone revealed previous week.
The CSI300 index rose 0.8 percent to 3,474.42 points at the end of the morning session, while the Shanghai Composite Index gained 0.9 percent to 3,185.95 points.
Both indexes backed off from a previous rally that saw them gain more than 2 percent before profit-taking began.
The CSI300 property sub-index jumped 4.2 percent by midday.
All four listed insurance companies rose, with China’s biggest insurance firm China Life Insurance Co soaring by its 10 percent daily limit.
Insurance companies, like other financial blue chips, are expected to benefit from the stock market rally, and retail investors have been moving money around different categories of finance shares in recent weeks, causing sharp gains that can wear off quickly, analysts say.
China CSI300 stock index futures for January rose 0.9 percent, to 3,528.8, 54.38 points above the current value of the underlying index. Other contracts also posted similar rises.
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