Investors buy stocks at an exchange in Nanjing, capital of East China's Jiangsu Province. [China Daily]

Shenzhen Development Bank yesterday jumped 6.50 per cent to close at 8.69 yuan (US$1.1) as its new share reform plan helped the bank gain more popularity.

Shares in Huaxia Bank increased 6.68 per cent to close at 4.63 yuan (58.6 US cents) and China Merchants Bank jumped 4.53 per cent to 10.39 yuan (US$1.32).

She Minhua said investors had great confidence in the country's commercial banks and were willing to make long-term investments in the sector.

The Industrial and Commercial Bank of China (ICBC) set a lower-than-expected price range for its dual shares sale in Hong Kong and Shanghai yesterday, but the analyst said that this did not make any major contribution towards yesterday's rise in Chinese banking shares. Other sectors such as the medical equipment and medicine industry also witnessed encouraging increases yesterday.

Zhou Feng, an analyst at Shanghai-based Shenyin Wanguo Securities predicted that stocks would continue to rise this week, but the market may come under pressure in the longer term from the ICBC's initial public offering and Sinopec's resumption of trading today after its State share reform.

The DPRK's nuclear test has meanwhile led to a slump in markets across the Asia-Pacific region.

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