Stocks open the week strong thanks to August export data

Mainland stock markets in Shanghai and Shenzhen soared Monday thanks to the stimulus provided by good export figures for August.

The Shanghai Composite Index rose 72.52 points, or 3.39 percent, to close at 2,212.52; while the Shenzhen Component Index advanced 224.40 points, or 2.71 percent, to finish the day at 8,504.74.

Combined turnover advanced to 315.1 billion yuan ($51.49 billion), up from Friday's 225.05 billion yuan.

Banking, securities, real estate, nonferrous metal and coal sectors were the best gainers Monday.

According to official figures released Sunday, China's exports rose 7.2 percent year-on-year to $190.61 billion in August.

Both indices opened higher Monday thanks to a rally in the banking and securities sectors.

Financial stocks soared hugely Monday, especially banking stocks. Five individual banking stocks climbed by the daily limit.

Shanghai Pudong Development Bank Co and Bank of Communications Co climbed by the daily limit in the morning session, and closed at 10.53 yuan and 4.51 yuan respectively.

Other banking stocks also performed well. China Minsheng Banking Corp advanced 8.28 percent to 10.20 yuan.

Chinese brokerages also outperformed the market on the day. Guoyuan Securities Co rose 3.31 percent to 9.36 yuan. Industrial Securities Co climbed 4.44 percent to 10.11 yuan on the day.

According to Sina Finance Monday, Guangdong Province has made a plan to establish a free trade zone and awaits evaluation by the investigating group from the Ministry of Commerce.

Guangdong local stocks were boosted by the news Monday.

Both Shenzhen Yan Tian Port Holdings Co and Zhuahai Port Co climbed by the daily limit to 4.21 yuan and 4.28 yuan respectively.