Stock markets pick up where they left off

China's stock markets re-opened strongly after the weeklong break with the Shanghai Composite Index (SCI) rising 2.5% on Monday to close at a new record high of 5,692.76 points, the Wall Street Journal reported. The previous high was set on Friday, September 28, the last pre-holiday trading day. Analysts said investors were buying blue chips in anticipation of strong third-quarter earnings. Insurance giant China Life hit the 10% maximum single-day gain limit by midday, shortly followed by Industrial and Commercial Bank of China. Bank of China rose 6.2% and Shanghai Pudong Development Bank gained 5%. China Minsheng Bank, which announced a plan to buy a 9.9% stake in UCBH, the NASDAQ-listed parent of United Commercial Bank, saw its stock rise 3.1%. Coal and airline stocks were the biggest losers alongside the oil companies, which were hit by falling crude oil prices over the weekend.