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SHANGHAI: China's stock market surged 2.87 percent yesterday, despite an interest rate hike of 27 basis points announced on Saturday.

Related readings:  Shanghai Composite Index closes at 3,014.44 points  Higher interest rates may send Shanghai shares down  Public housing fund rate rises 18 basis points  Interest rate up to check surging loan growth

The Shanghai Composite Index, the most widely watched indicator, rose 84 points to close at 3,014. The smaller Shenzhen Component Index climbed 1.59 percent to close at 8,276.8.

Analysts said yesterday's jump was mainly due to institutional investors buying heavily weighted index constituent stocks, especially those in the banking sector, to build up large holdings in preparation for the introduction of index futures trading in May. The Shanghai-Shenzhen 300 index, which underlies index futures, went up 2.12 percent to close at 2,659.4.

The State Council released a new regulation on futures trading on Friday, which will come into effect on April 15. Trading in index futures is expected to begin at the beginning of May, according to analysts.

"Many institutional investors rushed to bank and property shares, which are the most heavily weighted on the Shanghai-Shenzhen 300 index, including the Industrial and Commercial Bank of China (ICBC) and Vanke A, before the introduction of index futures," said Zhang Yidong, an analyst at Industrial Securities.

An investor monitors stock movements at a stock exchange market in Shanghai March 19, 2007. China's main stock index jumped 2.87 percent on Monday, nearing its all-time high, as bank shares surged following an interest rate hike at the weekend. [Reuters]

But the interest rate hike had only minor impact on China's stock market. The Shanghai Composite Index tumbled 2.6 percent at the opening, but picked up quickly. "The interest rate hike was already taken into account by the stock market before its announcement," said Zhang.

"The announcement of the latest rate hike on Saturday removed a nagging concern in the market," said Jing Ulrich, chairman of JPMorgan China Equities.

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