Local stocks extend run-up following Wall Street rally

Stock markets in Shanghai and Shenzhen carried their recent winning-streak into Monday as Wall Street's rising tide buoyed most A-shares.

The benchmark Shanghai Composite Index added 0.75 percent, or 17.12 points, to close at 2,299.99; while the Shenzhen Component Index added 0.66 percent, or 60.87 points, to finish at 9,307.15.

The gains came after upbeat US economic data lifted the Dow Jones Industrial Average to another record finish Friday in post-Asian trading.

Both mainland indices opened higher out of the gate and maintained an upward course throughout the trading day. Medical, coal and property stocks were among the few to be left in the dust in what was otherwise a broadly positive day for equities.

Total turnover at the two exchanges rose sharply to 278 billion yuan ($45.29 billion), up from 234 billion yuan Friday.

Stocks tied to 3D printing technology were supported by news that the world's first industry conference on 3D printing technology will be held May 29 in Beijing. AVIC Heavy Machinery Co jumped through the 10-percent daily limit to 18.10 yuan.

Real estate stocks retreated after data released by the National Bureau of Statistics showed that average home prices in 67 of China's 70 largest urban housing markets rose month-on-month during April. The price upswing once again revived concerns that the government would come forward with further restrictions on the housing market. China Vanke Co surrendered 1.89 percent to 11.93 yuan. Poly Real Estate Co slipped 1.05 percent to 12.25 yuan.

Meanwhile, medical shares tumbled following reports that health authorities in Guangdong Province may cut prices on certain medicines. Shenzhen Salubris Pharmaceuticals Co dropped past the daily limit to settle at 35.20 yuan.