China shares climb to 3-mth high; HK falls

HONG KONG/SHANGHAI: China's key stock index rose 0.62 per cent to a three-month closing high on Wednesday as investors bought energy stocks on optimism over rising demand for power to fuel the country's economic recovery.
In Hong Kong, stocks weakened after hitting the 23,000 level for a second consecutive session earlier in the day, as investors took profits on HSBC shares and other lenders.

The Shanghai Composite Index touched a three-month intraday high of 3,315.872 before finishing at 3,303.234 points, with Changchun Gas the biggest gainer, jumping its 10 per cent daily limit to 8.75 yuan.

The 14-day Relative Strength Index, at 73, has surged well into an "overbought" range. That follows from an "oversold" level under 30 in mid-August, when the market was in a steep downtrend due in part to pressure from high share valuations.

Top lender Industrial and Commercial Bank of China was one of Wednesday's most active stocks, closing up 1.27 per cent at 5.57 yuan, partly buoyed by recently resurfaced expectations of yuan appreciation against the dollar.