Stocks rise on word banks may get to apply for securities licenses

China’s banks led a stock market climb Monday on news that the China Securities Regulatory Commission said it was considering allowing them to apply for securities licenses, Bloomberg reported. Industrial & Commercial Bank of China (1398.HKG, 601398.SHA) and China Construction Bank (0939.HKG, 601939.SHA) gained more than 4%, and Industrial Bank (601166.SHA Jumped 8.7% after people familiar with the matter said the lender has submitted a plan to acquire Huafu Securities. The Shanghai Composite Index climbed 1.9% at the close, while the CSI 300 Index rose 1.7%.