Shanghai index marks longest winning streak since 2007

Stock investors at a brokerage in Fuyang city, Anhui province. The Shanghai Composite Index gained 1.95 percent to 3,687.73 points on March 23, 2015. [Asianewsphoto by Lu Qijian]

Chinese stocks rallied on Monday, with the benchmark Shanghai index climbing for a ninth day, marking the longest winning streak since 2007, as market sentiment remained rosy.

The Shanghai Composite Index closed at 3,687.73 points on Monday, up 1.95 percent or 70.41 toward a seven-year high.

Brokerages led the gain, with West Securities jumping by the daily limit of 10 percent, and Huatai Securities together with Merchants Securities gaining more than 3 percent.

The Internet finance sector remained bullish, as stock information provider Zhejiang Hithink Flush Information Network and Shanghai Intellectual Network Technology rallied 10 and 4.6 percent respectively. Financial software provider Hundsun Technologies climbed 9 percent.

Electricity shares also led the gain on Monday, as Jilin Power Share Co, Guangxi Guiguan Electric Power and Shanxi Top Energy Company jumped by the daily limit. The country vowed to carry out trial reforms for the pricing of electricity transmission and distribution.

The China Securities Regulatory Commission said on Friday that recent gains on the stock market reflect support for economic growth.

The country will strive to achieve the dual objectives of maintaining a medium-to-high rate of growth and moving toward a medium-to-high level of development, featuring mass entrepreneurship and innovation, together with public goods and services, said vice premier Zhang Gaoli on Sunday at the China Development Forum 2015.

The Shenzhen Component Index advanced 1.88 percent to 12,780.32 on Monday, while the CSI 300 Index closed at 3,972.06, up 2.04 percent.