Markets rally on cement stakes sale

Building material sector confidence drove shares to their highest level in more than three months Thursday on news that Morgan Stanley and a World Bank division would take a US$200 million 14.33% stake in the country's top cement maker, Anhui Conch, state media reported. The Shanghai Composite Index gained 1.1% to finish at 1,169.862 points, the highest close since it ended at 1,187.988 points on September 21. The index has gained 6.4% since the beginning of December, but is still down 7.6% from the beginning of the year.