China’s stocks rose to a four-month high after the nation’s leaders signaled at an economic meeting that they will take further steps to support growth.
The Shanghai Composite Index climbed 0.3 percent to 3,651.77 at the close, the highest level since Aug. 20. Jiangxi Copper Co. and Anhui Conch Cement Co. led gains for material producers and property developer Gemdale Corp. surged to a record high after the Central Economic Work Conference concluded with plans to increase fiscal spending and measures to stimulate the housing market.
The Shanghai gauge has rallied 20 percent this quarter, heading for the biggest gain among global benchmark measures tracked by Bloomberg, after the government took unprecedented measures to stabilize equities following a $ 5 trillion rout earlier this year. Policy makers have allowed initial public offerings to resume since the selloff, while some other drastic measures such as banning major shareholders from selling their stakes for six months expire in early January.