China Shares Up On Corporate Profit Outlook

SHANGHAI (AP) — Chinese shares rose for a seventh straight session Monday on optimism about stronger corporate earnings.

The benchmark Shanghai Composite Index edged up 11.55 points, or 0.4 percent, to close at 3,175.58, its highest level since August 11. The Shenzhen Composite Index for China's smaller second exchange added 0.6 percent to 1,130.57.

"The euphoria carried on, as investors were confident to see a profitable fourth quarter based on reports for the past three months," said Li Xianmin, an analyst for Pingan Securities in the southern city of Shenzhen.

Data on trade and industrial growth due to be reported this week are expected to show China's economic rebound gaining strength. But analysts said they are unlikely to affect the market because expectations already are factored into stock prices.

Shares in companies linked to renewable energy rose ahead of U.S. president Barack Obama's visit to Beijing next week on hopes the two governments will discuss possible measures to promote the industries.

Xinjiang Goldwind Science & Technology Co., a major wind turbine maker, rose 3.1 percent to 30.9 percent, while Shenzhen Topraysolar Co. jumped 3 percent to 27.7 yuan.