Chinese shares close up 2.99 percent

Chinese share prices rose 2.99 percent Monday as financial stocks surged amid expectations of strong half-year earnings, dealers said.

The benchmark Shanghai Composite Index, which covers both A and B shares, closed 83.05 points higher at 2,861.42 on turnover of 69.7 billion yuan (10.2 billion dollars).

The Shanghai A-share index gained 87.25 points, or 2.99 percent, to 3,001.57 on turnover of 69.5 billion yuan, while the Shenzhen A-share index was up 29.85 points, or 3.45 percent, to 894.46 on turnover of 35.7 billion yuan.

(Agencies)