Shanghai stocks climb 3 per cent

Shanghai stocks climb 3 per centBeijing - China's main stock market gained nearly 3 per cent on Monday despite new economic data showing a big fall in foreign direct investment in January.

The key Shanghai Composite Index, which tracks shares traded in local and foreign currencies, gained 68.6 points, or 2.96 per cent, to end the day at 2,389.39.

The smaller Shenzhen Composite Index also gained 1.87 per cent, closing at 763.30.

The Shanghai Daily newspaper said the rise was led by strong performances by brokerages.

Citic Securities and Haitong Securities both gained more than 4 per cent in Shanghai, while Changjiang Securities rose 6 per cent, the newspaper said.

Shares in PetroChina, China's biggest oil company, also surged by nearly 4 per cent.

Refiners and airlines were among other shares that climbed strongly on Monday.

The gains came despite a government announcement early Monday that actual foreign direct investment fell by nearly 33 per cent year-on-year in January. (dpa)

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