Mainland stocks at highest in 2 weeks

Major shares on the Chinese mainland ended at two-week highs on Monday, buoyed by a stronger yuan after the central bank moved to keep the currency market stable, boosting airline stocks and other firms with heavy dollar exposure.

The Shanghai Composite Index closed up 1.89 percent at 2,780.90 points, its biggest daily percentage gain since August 7.

Meanwhile, the blue-chip CSI300 index ended 2.44 percent higher, while the financial sector sub-index rose 1.7 percent.

Consumer, healthcare and real estate firms have suffered during a market slump in recent weeks, dogged by a rabies vaccine scandal that has undermined consumer confidence and concern over stepped-up property controls.

Airline shares were among the winners on Monday as investors bet that a stronger yuan would boost their bottom lines. China Southern Airlines gained 4.5 percent while Air China was up 3.3 percent.

A broader index of transport firms gained 1.9 percent.

The largest percentage gainers in the main Shanghai Composite Index were Tianjin Quanyechang Group Co, which rose 10.09 percent, Shanghai 3F New Materials Co, which gained 10.02 percent, and CIG ShangHai Co, which finished 10.02 percent higher.

Shanghai’s largest percentage losers were led by Gansu Gangtai Holding Group Co, down 10.07 percent, followed by Xinjiang Korla Pear Co losing 9.96 percent and Anxin Trust Co down by 6.6 percent.