Markets near 10-month high on oil, metals gains

China’s stock markets approached 10-month highs on Monday on news that domestic manufacturing continued to grow, combined with rising prices for oil and metals, Dow Jones reported. The Shanghai Composite Index rose 3.4% to close at 2,721.28 points, its highest close since August 7, 2008, while the Shenzhen Composite Index rose 2.2% to 900.93. The gains were led by oil and metals firms, which investors believe will benefit from rising prices of oil and raw materials. Beijing’s decision to raise domestic diesel and gas prices also helped boost oil firms such as PetroChina, which ended the day up 4.9% to RMB14.17 (US$2.07). Data released by the China Federation of Logistics and Purchasing showed that manufacturing activity continued to expand in May.