BEIJING — Chinese shares rose Monday for a sixth straight session on hopes the government will take new steps to boost economic growth after a high-level planning meeting this week.
The benchmark Shanghai Composite Index jumped 3.6 percent, or 72.11 points, to close at 2090.77. The Shenzhen Composite Index for China's smaller second exchange rose 3.7 percent to 622.9.
Investors have been bidding up prices on optimism about the planning meeting despite growing signs China's economic downturn is worsening. The latest data on trade and industrial activity in November are due out this week.
"The figures are not going to be very good, but it's expected," said Li Wenhui, an analyst for Huatai Securities. "More government policies are expected to follow up."
No agenda for the planning meeting has been released, but news reports say Chinese leaders might consider proposals to spur growth by boosting exports, injecting money into China's stock markets and raising social spending.
Some analysts played down the meeting's significance, saying the lack of a clear agenda has fueled investors' imaginations.
"The recent confidence in the market is a little bit radical. People became sensitive to any news, so speculations and rallies came one after another," said Xu Zhiyuan, an analyst for Capital Edge Investment & Management.
Real estate and construction-related stocks rose after state media reported the government is considering a tax rebate on housing purchases to spur sales.
China Vanke Ltd., the country's biggest developer, jumped 4.6 percent to 7.9 yuan. Lander Real Estate Co. and Zhongtie Erju Ltd. both rose by the daily limit of 10 percent. Lander finished at 4.9 yuan and Zhongtie Erju rose to 10 yuan.
Coal stocks rose after China's planning agency, the National Development and Reform Commission, said it will continue to let market forces set coal prices, avoiding price caps that might squeeze profits for miners.
China Shenhua Energy Ltd., the country's biggest coal producer, climbed 5.1 percent to 19.93 yuan, and Pingdingshan Tianan Coal Mining Co. gained 6.7 percent to 15.43 yuan.
Banks rose after state media said the government is considering cutting a tax on banks to improve their profitability.
Industrial & Commercial Bank of China Ltd., the nation's biggest commercial lender, added 2.5 percent to 4.1 yuan. China Construction Bank Corp. rose 2.7 percent to 4.51 yuan. Midsize lender Pudong Development Bank Ltd. soared 8.8 percent to 14.77 yuan.
In currency markets, China's yuan strengthened to 6.8745 to the U.S. dollar in over-the-counter trading around 0800 GMT, up from Friday's close of 6.88120.
