Chinese Stocks Advance as Commodity Producers Rebound With Oil
- China sets 6.5% to 7% economic growth target for 2016
- Energy and material stocks rebound as oil extends rally
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Chinese stocks climbed to a one-week high as commodity producers rallied and the central bank stepped up efforts to ease a cash shortage before mainland markets close for the lunar new year holidays next week.
The Shanghai Composite Index rose 1.5 percent to 2,781.02 at the close, the highest level since Jan. 25. Shenzhen Zhongjin Lingnan Nonfemet Co. led a gauge of material companies higher. PetroChina Co. climbed as a measure of energy companies gained from a record low after crude futures extended the biggest rally in almost two weeks. The Hang Seng Chinese Enterprises Index halted a three-day loss, adding 1.5 percent.