Chinese shares rise

Most Chinese stocks gained yesterday, with the Shanghai Composite Index surging 2.47 percent in its biggest daily rise in 25 months to 2,815.11 points.

The Shenzhen Component Index closed 2.8 percent higher at 9,160.62 points.

The sharp increase came after the securities regulator said on Sunday that China planned to allow more foreign individual investors to trade A-shares.

The move, part of the country’s broader plan to further open up its financial sector, will attract foreign capital and boost market sentiment, analysts said. The Industrial and Commercial Bank of China, the country’s largest commercial bank, rose 4.54 percent to 5.53 yuan (84 US cents).

(Xinhua)