Chinese shares open up 2.4 percent

Chinese share prices opened up 2.4 percent on Monday as banks extended gains after two major lenders projected strong first-half earnings, dealers said.

China CITIC Bank projected first-half net profit to rise by more than 150 percent year-on-year, while China Merchants Bank estimated first-half net profit up more than 100 percent year-on-year.

Analysts said Vice Premier Wang Qishan's remarks at the weekend regarding healthy growth in the financial industry also helped stabilise sentiment.

The benchmark Shanghai Composite Index, which covers A and B shares, was up 63.12 points or 2.36 percent to 2,733.01.

The Shanghai A-share index was up 66.25 points or 2.37 percent to 2,866.35, while the Shenzhen A-share index gained 23.81 points or 2.82 percent to 869.43.

(Agencies)