Stocks rise to 4-month high

Mainland 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 points at the close on Tuesday, 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 top has come up with growth-boosting measures," said Wei Wei, an analyst at Huaxi Securities Co. "That'll probably stabilize the economy. The market is likely to be range bound as we approach the New Year holidays."

Monetary policy must be more "flexible" and fiscal policy more "forceful" as leaders create "appropriate monetary conditions for structural reforms", according to statements released at the end of the meeting on Monday by Xinhua News Agency. It said the fiscal-deficit ratio should be raised gradually.

Anhui Conch led gains for material shares, jumping 2.8 percent. Jiangxi Copper advanced 1.4 percent after people with knowledge of the matter said China's largest smelters may lower output by 350,000 metric tons if their profitability deteriorates.

Shenzhen Click Technology Co and Jiangxi Fushine Pharmaceutical Co were among six companies that surged by the daily limit of 44 percent in their first day of trading. Eight firms will be selling IPO shares on Wednesday and Thursday.